U.S. crude held steady just below $51 a barrel in early Asian trade on Thursday after rising back above $50 the previous session, while heating oil futures also held steady above $2.10 a gallon. U.S. crude for April delivery was at $50.88 a barrel at 0000 GMT.
Heating oil futures were trading at $2.11 a gallon, slightly below a three month high reached earlier in the week, as some of the biggest U.S. East Coast refineries struggled to restore operations after severe cold weather triggered outages.
The largest U.S. refinery strike in 35 years entered its fourth week as workers at 12 refineries accounting for one-fifth of national production capacity were walking picket lines, although sources said negotiations may resume by mid-week.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.