U.S. crude oil rallied 2% on Thursday to trade above $70 per barrel, as OPEC+ delays plans to boost production after prices tumbled this week.
OPEC+ members have delayed a production hike of 180,000 barrels per day by two months. The production increase was originally scheduled for October.
Thursday, the West Texas Intermediate October contract grew to $70.58 per barrel, up $1.38, or 1.99%. Year to date, the U.S. benchmark has fallen 1.5%.
Brent November contract was $73.99 per barrel, $1.29, or 1.77%. Year to date, the global benchmark has pulled back 3.9%.
RBOB Gasoline October contract: $1.96 per gallon, little changed. Year to date, gasoline has declined 6.5%.
Natural Gas October contract came in at $2.26 per thousand cubic feet, up 12 cents, or 5.73%. Year to date, gas has tumbled 9.7%.
The U.S. benchmark has shed 4% this week, while the Brent global benchmark is down 6%. Crude oil futures have lost all gains for the year.
The selloff was sparked by fears that more supply was coming online at a time when demand is poised to weaken.
