Oil futures settle higher after last-minute turnaround

Oil settled modestly higher Thursday, with analysts attributing the last-minute turnaround to a fourth straight weekly decline in U.S. crude inventories.

The commodity also gained support from a slightly weaker dollar as well as strong demand for gasoline, which can draw down oil supplies.

Prices had traded lower for the bulk of the session following recent strength in the dollar, but pared losses after news of the supply decline, despite data showing an increase in weekly oil production.

July crude CLN5, +1.14%  tacked on 17 cents, or 0.3%, to settle at $57.68 a barrel on the New York Mercantile Exchange. Prices, which was around $56.66 right before the supply data, settled higher for the first time in four sessions.

July Brent crude on London’s ICE Futures exchange LCON5, +0.86%  rose 52 cents, or 0.8%, to $62.58 a barrel.

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