Crude oil futures ended lower on Thursday amid prospects of OPEC increasing crude production. Traders were betting on speculation that the Organization of the Petroleum Exporting Countries and allies may decide to increase crude output. The agency and its allies, collectively known as OPEC+, are scheduled to meet in the first week of March. Oil prices rose despite data showing another weekly decline in US crude stockpiles, and outages in Texas due to frigid temperatures. Data released by US Energy Information Administration (EIA) showed crude inventories declined by 7.258 million barrels last week (February 12), falling more than three times the expected decline. Distillate stockpiles were down 3.42 million barrels last week, more than twice the expected drop.
Crude oil futures for March fell 62 cents or 1 percent to settle at $60.52 barrel on the New York Mercantile Exchange. April Brent crude declined 41 cents or 0.6 percent to settle at $63.93 a barrel on London's Intercontinental Exchange.