Crude oil futures bounced higher on Thursday, erasing earlier losses as optimism that the market is re-balancing resurfaced in holiday-thinned trade. Trade volumes were light on Thursday, with U.S. markets closed for the Thanksgiving holiday. Crude prices also got some support with an announcement that it would slash oil deliveries to the United States by 85% or more on its keystone crude pipeline.
Benchmark crude oil futures for December delivery ended higher by $0.18 or 0.31 percent at $58.20 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude for January delivery was up by $0.02 to $63.32 a barrel on the ICE.
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