Crude oil futures extended their gains on Thursday, as traders put positions in order ahead of an expected week of low liquidity. Prices have jumped since the U.S. Energy Information Administration (EIA) said crude inventories fell by 5.9 million barrels in the week ended Aug. 18 and also on reduced drilling and the lifting of a ban on most US crude exports, which has pushed U.S. crude to a premium to global benchmark Brent for the first time in about a year. Earlier, oil services firm Baker Hughes said its oil rig count fell by three to 538 for the week ending on Dec. 18, resuming a year-long collapse started last fall.
Benchmark crude oil futures for February delivery settled at $38.12, up 0.62 or 1.65 percent after trading in a range of $37.40 and $38.28 a barrel on the New York Mercantile Exchange. In London, Brent crude for February settled up 53 cents at $37.89 a barrel on the ICE.