U.S. oil futures finished with a loss on Thursday, giving up earlier gains from storm-related disruptions to oil output in the Gulf of Mexico, as a reduction to global demand expectations for OPEC crude raised concerns over growth in U.S. production. A monthly report from the Organization of the Petroleum Exporting Countries released Thursday shows that “production outside the group, particularly from the U.S., is still overwhelming for OPEC,” said Barani Krishnan, senior commodities analyst at Investing.com. August West Texas Intermediate oil CLQ19, -0.12% fell 23 cents, or 0.4%, to settle at $60.20 a barrel on the New York Mercantile Exchange. Prices rose 4.5% Wednesday to settle at $60.43, the highest since May 22.
Oil futures settle lower on Thursday, shrugging off earlier gains even as a tropical storm in the Gulf of Mexico cuts oil output in the region by more than half. OPEC sees lower demand for its own crude oil next year, citing competition from the U.S.