Crude oil stocks in Cushing, Oklahoma, the delivery point for US crude futures, rose 4.1 million barrels last week, reaching a record high of 32.2 million barrels.
Prices had gained some support earlier from violence in Gaza, widening natural gas supply disruptions due to a dispute between Russia and Ukraine, and mounting evidence of OPEC's compliance with production cuts.
Three rockets fired from Lebanon struck northern Israel, slightly wounding two people and prompting the Jewish state to respond with artillery fire, officials said.
While the conflict did not directly threaten any oil supplies, Middle East unrest can bolster prices because countries in the region pump about a third of the world's oil.
Russia and Ukraine failed to resolve a gas supply dispute at a meeting in Moscow, but will continue talks to end the confrontation, which has choked off supplies to Europe, a senior Ukrainian gas official said on Thursday.
The dispute has cut heating fuel supplies hundreds of thousands of people across the Balkans and hit supplies as far west as France and Germany as Europe faces freezing temperatures.
Signs that members of the Organization of the Petroleum Exporting Countries are implementing the group's biggest-ever output cuts grew this week after Kuwait and Iran told customers of bigger January supply curbs.
Ref: dailyinquirer
Prices had gained some support earlier from violence in Gaza, widening natural gas supply disruptions due to a dispute between Russia and Ukraine, and mounting evidence of OPEC's compliance with production cuts.
Three rockets fired from Lebanon struck northern Israel, slightly wounding two people and prompting the Jewish state to respond with artillery fire, officials said.
While the conflict did not directly threaten any oil supplies, Middle East unrest can bolster prices because countries in the region pump about a third of the world's oil.
Russia and Ukraine failed to resolve a gas supply dispute at a meeting in Moscow, but will continue talks to end the confrontation, which has choked off supplies to Europe, a senior Ukrainian gas official said on Thursday.
The dispute has cut heating fuel supplies hundreds of thousands of people across the Balkans and hit supplies as far west as France and Germany as Europe faces freezing temperatures.
Signs that members of the Organization of the Petroleum Exporting Countries are implementing the group's biggest-ever output cuts grew this week after Kuwait and Iran told customers of bigger January supply curbs.
Ref: dailyinquirer
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