Oil Prices Mixed, West Texas Boosted by Low U.S. Supply Levels

Investing.com – Oil prices showed mixed trade on Thursday, while U.S. crude climbed for a third consecutive session, supported by low inventory levels stateside.

New York-traded gained 26 cents, or 0.37%, at $71.03 a barrel by 5:06 AM ET (9:06 GMT).

Meanwhile, , the benchmark for oil prices outside the U.S., slipped 7 cents, or 0.09%, to $79.33.

The Energy Information Administration reported on Wednesday that crude stockpiles hit a 3.5-year low while gasoline inventories registered a much larger-than-expected draw.

Meanwhile, eyes were on Iran as U.S. sanctions were impacting supply. Bloomberg reported on Tuesday that Iranian oil exports had fallen by 35% since May, when U.S. President Donald Trump announced crude sanctions on the producer, which will take effect in November.

The OPEC and other non-OPEC members led by Russia are set to meet on Sunday in Algeria to discuss how to share supply increases to offset the loss of Iranian supply, although sources told Reuters that no immediate action was planned.

However, de facto OPEC leader Saudi Arabia said Tuesday that the country is comfortable with , signaling the largest oil maker might not increase output to send the price lower.

In other energy trading, gained 0.26% to $2.0283 a gallon by 5:13 AM ET (9:13 GMT), while rose 0.39% to $2.2554 a gallon.

Lastly, traded down 0.24% to $2.901 per million British thermal units.

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