“The most recent EIA stock update gave something for both bulls and bears to cheer about,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London. “As has become the norm, the fly in the ointment for bulls is the march higher in U.S. crude production.” U.S. gasoline inventories dropped by 1.22 million barrels to 229.9 million last week, the EIA reported Wednesday. Crude output increased by 26,000 barrels a day to 9.53 million, expanding for a second week. Click Read More below for additional detail.

Futures in New York are up 1.5 percent this week after closing at the highest level in two weeks on Thursday. While the U.S. is pumping near record volumes, exports also jumped to a four-month high last week, helping drain the nation’s stockpiles. Oil stocks in the biggest U.S. storage hub plunged to the lowest level in more than three years. While crude struggled after the best January performance in more than a decade, it’s now finding its footing again as the Organization of Petroleum Exporting Countries and its allies including Russia pledge to persist with output curbs to re-balance the market, and demand remains robust. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.750636; American Dollar to Chinese Yuan = 0.148935; American Dollar to Euro = 1.167197; American Dollar to Japanese Yen = 0.009558; American Dollar to Mexican Peso = 0.046805.