WASHINGTON (dpa-AFX) - Crude oil futures were flat Thursday, clinging to strong recent gains after an unexpected drop in U.S. oil inventories.
A number of factors have led oil sharply higher this week. Tensions between Saudi Arabia and Iran could spiral into a broader conflict, interrupting supplies from the region.
Venezuelan output has slowed to a trickle, and global oil demand is expected to rise as the global economy improves.
In the U.S., expectations for economic growth in 2018 have strengthened due to additional fiscal stimulus from the tax cuts and a strong jobs market.
WTI light sweet oil was down 9 cents at $65.08 a barrel, having touched its highest since February
The Energy Information Administration reported Wednesday morning that oil inventories fell by 2.6 million barrels during the week ended March 16. Gasoline prices fell by 1.7 million barrels, the second straight notable drop.
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