Crude futures gained Thursday following the release of a government report showing a larger-than-expected drop in distillate stocks and word from OPEC’s leader of an expected cut in production after the Northern Hemisphere winter.
Light sweet crude for February delivery rose 35 cents to $58.91 a barrel in electronic trading on the New York Mercantile Exchange. February Brent futures on London’s ICE rose 64 cents to $57.36 a barrel.
