Oil prices rose steadied on Thursday, supported by signs of a tightening U.S. market but weighed down by ample supplies from OPEC producers. Benchmark Brent crude was up 5 cents at $52.41 a barrel by 1145 GMT. U.S. light crude was 5 cents higher at $49.64.

The U.S. Energy Information Administration reported Wednesday that crude supplies climbed by 2.1 million barrels for the week ended June 1. Analysts surveyed by S&P Global Platts had forecast a decline of 1.3 million barrels, while the American Petroleum Institute on Tuesday reported a fall of 2 million barrels, according to sources. The EIA also reported that total domestic crude production rose by 31,000 barrels a day to fresh weekly record of 10.8 million barrels a day. Gasoline stockpiles jumped by 4.6 million barrels for the week, while distillate stockpiles rose 2.2 million barrels, according to the EIA. Click Read More below for additional information.

Jimmy Buffett taught the world that sometimes you just need to waste away in Margaritaville because, after all, it’s five o’clock somewhere. The late singer-songwriter, who passed in 2023 at age 76, remains beloved among Parrot Heads everywhere. His success was largely rooted in Buffett’s band as chronicled in the upcoming documentary Occupational Hazard: The First Coral Reefers. The film, rolling out in major cities starting September 5, timed to Jimmy Buffett Day on September 4, traces their journey back to the 1970s and 1980s.