Due to balanced global supply and demand markets, oil prices remained close to the same on Thursday. One factor threatening stability between supply and demand was the news of another increase in the US rig count, making it thirteen straight weeks that the number of US rigs has increased.
Since mid-2014, the oil market has been over supplied globally, prompting OPEC to instill output cuts in the first half of 2017. These cuts in turn have led to the balancing of supply and demand markets. Many believe the cuts will be extended when OPEC meets again on May 25th.
The International Energy Agency (IEA) said on Thursday that OPEC cuts directly led to a fall in stockpiles in developed countries thus bringing the global supply and demand markets close to level. In the report the IEA is quoted as saying, "It can be argued confidently that the market is already very close to balance."