Natural gas prices are mixed heading into the Memorial Day weekend.
OPEC decided it would extend cuts in oil output by nine months to March 2018 on May 25, an OPEC delegate said according to a Reuters report.
U.S. crude oil inventories fell for the seventh straight week as refiners processed a near record amount of crude last week, the EIA said May 24, even as gasoline and distillate stockpiles also dipped.
OPEC meets in Vienna on May 25 to consider whether to prolong the accord reached in December in which OPEC and 11 non-members agreed to cut oil output by about 1.8 MMbbl/d in the first half of 2017.
The season, which began April 18, was extended to incorporate certain modifications requested by potential shippers, the press release said.
Both crude benchmarks have gained more than 10% from their May lows below $50 per barrel, rebounding on a consensus that OPEC and other producers will maintain strict limits on oil production.
OPEC and non-OPEC ministers meet for informal consultations in Vienna on May 24 in a last-ditch bid to agree on the duration of oil output cuts.
In the document released late on May 21, the State Council said it would aim to ramp up government investment in the country's oil storage facilities, while also allowing non-state firms to operate storage, Reuters reported.
OPEC nations that deliver some of the lowest cost production will be relatively insulated from an early peak in oil demand caused by any faster-than-expected roll-out of electric vehicles, Glencore's chairman said on May 22.
Trump's White House wants to sell half of the nation's emergency oil stockpile and open the Alaska National Wildlife Refuge to drilling as part of plans to balance the budget over the next 10 years.
Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within OPEC to extending the curbs for a further nine months, speaking after he met his Iraqi counterpart in Baghdad.
OPEC and other oil producers are on course to agree on an extension of supply cuts at a meeting on May 25, with Saudi Arabia saying most participants are on board with the plan to rein in a global supply glut.