Crude-oil futures were higher Thursday amid the lack of big market-moving news and thin volumes as the U.S. celebrates Thanksgiving Day.
The front-month January Brent contract on London’s ICE futures exchange settled 76c, or 0.7%, higher at $107.78 a barrel.
At 1814 GMT, the front-month January contract for New York Mercantile Exchange light, sweet crude–a U.S. oil contract based on the West Texas Intermediate, or WTI, oil grade–was trading up 86c, or 0.9%, at $97.03 a barrel. There is no settlement for the contract Thursday as the New York Mercantile Exchange is closed due to the holiday.
Nymex crude futures will be traded Friday against Wednesday’s settlement price.
Friday trading volumes are expected to remain thin, as most U.S. market participants take a long holiday weekend, analysts said.
Thursday’s rise in oil futures was a correction after sharp falls the day before, said Standard Chartered analyst Helen Henton.
“Besides, oil seems to be pretty well supported on the fundamentals level,” she added.
Geopolitical tensions in some oil-rich regions, including the Middle East, continue to support oil prices.