Oil extended gain on Thursday

International benchmarks for oil prices continued to move higher on Thursday (6 October) as a post effect of the EIA report on the US commercial crude inventories levels released on Wednesday. This is the fifth straight week of falling crude inventories, however analysts warn that inventories are near record highs and the potential modest production cut from OPEC might not be sufficient to fuel continuous price increment.

WTI closed at $50.44/barrel (+$0.61) for November delivery

Brent closed at $52.51/barrel (+$0.65) for November delivery