Oil futures finish higher on ‘oversold’ condition, despite a hefty weekly rise in U.S. supplies

Oil futures ended higher on Thursday, with prices “near-term oversold,” following Wednesday’s “multi percentage-point drop to multi-month lows,” said Tyler Richey, co-editor at Sevens Report Research. Gains for oil came despite a report from the Energy Information Administration that showed an 8.8 million-barrel weekly rise in U.S. crude inventories. October WTI crude CLV22, +3.06% climbed $1.60, or nearly 2%, to settle at $83.54 a barrel on the New York Mercantile Exchange, following a 5.7% drop on Wednesday.