U.S. crude production held steady last week while demand ticked lower even amid Thanksgiving holiday travel.

Oil prices pushed higher Wednesday, though gains developed prior to the government data release. Market speculation that OPEC and its allies could further slash production through this year and into 2023 propelled bulls.

Brent crude prices hovered around $85/bbl on Wednesday, up more than 2% intraday. The international benchmark was still off nearly 10% for the month, following an autumn swoon, but it was up about 9% from the start of 2022.

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