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Crude Oil Rebounds Near $57

Crude oil futures rebounded Thursday, as traders bet this week's decline was overdone.

WTI light sweet crude oil was up 76 cents at $56.72 a barrel, having slipped from near $60 over the past few weeks.

Traders await tomorrow's U.S. rig count report from Baker Hughes for signs that domestic production will be picking up.

Oil major Chevron said it plans a sharp increase in U.S. shale investment while pulling back elsewhere. Meanwhile, OPEC production is expected to remain stagnant as the cartel extended its supply quota plan with Russia.

In economic news, initial U.S. jobless claims, fell by 2,000 to 236,000 in the seven days ended Dec 2. Economists forecast claims of 240,000.

by RTTNews Staff Writer

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