Oil prices traded mixed on Thursday, lifted by strong data from top importer China amid thin trading activity ahead of the New Year weekend.
Heading into 2018, traders said market conditions were relatively tight due to ongoing supply cuts led by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC), as well as top producer Russia.
WTI crude futures were at $59.64 a barrel, unchanged from their last settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015.
U.S. crude stocks fell last week as refineries hiked output, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday.
Crude inventories fell by 4.6 million barrels as refineries hiked output in the week to Dec. 22, compared with analyst expectations for a decrease of 4.0 million barrels.
Gasoline stocks rose by 591,000 barrels, compared with analysts’ expectations in a Reuters poll for a 1.3 million-barrel gain. Distillate stockpiles, which include diesel and heating oil, rose by 1.1 million barrels, versus expectations for a 584,000-barrel drop, the EIA data showed.
