Oil inched higher on Thursday

International benchmarks for oil prices settled higher on Thursday (27 October) as market responded to EIA’s reports on a decline in US commercial crude inventories. Meanwhile, Reuters’ reported that OPEC Gulf countries are willing to cut 4% from their peak output, strengthening hope of a production cut deal could be materialized next month.

WTI closed at $49.72/barrel (+$0.54) for December delivery

Brent closed at $50.47/barrel (+$0.49) for December delivery