Oil futures ended with small gains Thursday, but only after the U.S. benchmark sank below the $44-a-barrel level for the first time in nearly six years in a trading environment shadowed by a rapidly growing glut of crude.
Light, sweet crude for March delivery CLH5, +0.29% on the New York Mercantile Exchange rose 8 cents, or 0.2%, to close at $44.53 a barrel. It was a choppy trading session, with the contract earlier dipping as low as $43.58, its lowest level since March 2009. The price action follows a 3.9% slide from Wednesday, which was triggered by bearish inventory data.
ICE Brent crude, the global oil benchmark, gained ground, with the March contract LCOH5, -0.14% rising 66 cents, or 1.4%, to settle at $49.13 a barrel.
Light, sweet crude for March delivery CLH5, +0.29% on the New York Mercantile Exchange rose 8 cents, or 0.2%, to close at $44.53 a barrel. It was a choppy trading session, with the contract earlier dipping as low as $43.58, its lowest level since March 2009. The price action follows a 3.9% slide from Wednesday, which was triggered by bearish inventory data.
ICE Brent crude, the global oil benchmark, gained ground, with the March contract LCOH5, -0.14% rising 66 cents, or 1.4%, to settle at $49.13 a barrel.
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