U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 7 cents, or 0.1 percent, to $61.03 a barrel by 0518 GMT.
Brent crude futures LCOc1 were at $64.90 per barrel, up 1 cent from their last close.
Reuters technical commodity analyst Wang Tao said market signals for Brent pointed to a continuation of recent sideways movements, although he added that technical chart indicators were “indicating the current sideways move may end very soon.” were receiving support from healthy demand. The Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday that oil consumption was expected to grow by 1.62 million barrels per day (bpd) in 2018. looming over markets has been a relentless climb in U.S. crude output C-OUT-T-EIA , which hit another record last week by rising to 10.38 million bpd, up by more than 23 percent since mid-2016. Commercial crude inventories C-STK-T-EIA were up by 5 million barrels, at 430.93 million barrels. crude production, which has already overtaken that of top exporter Saudi Arabia, is expected to rise above 11 million bpd later this year, taking the top spot from Russia, according to the International Energy Agency. U.S. output levels will continue to undermine OPEC’s efforts for stronger oil prices,” said Singapore-based brokerage Phillip Futures in a note on Thursday.
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