Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration on Wednesday showed crude and fuel inventories tightened, with crude inventories at the Cushing storage hub falling to a three-year low.
"We saw some correction, but overall sentiment remained firm as there have been no large increases in output by the United States or OPEC," said Satoru Yoshida, a commodity analyst with Rakuten Securities. Oil also came under pressure from a drop in coal and natural gas prices. In China, coal fell 11% on Thursday, extending losses this week since Beijing signalled it might intervene to cool the market."With coal and gas prices easing and with the relative strength index technical indicators still in overbought territory, the odds of a sharp, but material fall in oil prices are rising," said Jeffrey Halley, analyst at brokerage OANDA.
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