On Thursday, crude prices stabilized, as a tighter market looms in 2017 because of planned production cuts led by OPEC and Russia, after steep drops earlier following Wednesday's American interest rate surge that drove traders out of commodities.
International Brent crude futures hit $54.02 per barrel, rallying 12 cents from their last close. American West Texas Intermediate crude futures reached $51.02 per barrel, standing still with their last settlement.
Crude prices also got some support from dropping American crude inventories.
Data from the American Energy Information Administration demonstrated that commercial crude inventories the previous week sank by 2.56 million barrels to about 483.19 million barrels.
However, market participants told it’s far from clear whether OPEC as well as other producers will follow through with their announced drops.
OPEC pumped up to 33.87 million bpd the previous month, according to figures collected from secondary sources.
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