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Oil settles higher below session-highs

Oil settles higher below session-highs

Mubasher: Oil prices rose on Thursday, but were off session highs after data showed a surge in crude inventories in the United States.

American crude oil inventories rose by 10.3 million barrels to 442.1 million barrels in the week ended 9 November, according to weekly report data by the Energy Information Administration (EIA).

The rise in crude prices is mainly supported by news that the Organization of the Petroleum Exporting Countries (OPEC) is considering to reduce output.

Nymex futures for December delivery added 0.4% and settled at the level of $56.46 per barrel.