Oil extended gains Thursday

Oil extended gains Thursday after official data showed a larger-than-forecast drop in U.S. crude stocks in the latest week.
U.S. crude currently is up 59 cents, or 1.25%, at $47.92 at 08:00 ET. Brent crude added 61 cents, or 1.21%, to $50.83.
The Energy Information Administration Wednesday reported a fall of 5.25 million barrels in crude inventories.
The EIA was forecast to report a drop of only 1.79 million barrels in the latest week.
Investors are weighing up the impact of rising U.S. output against the possibility of an extension of production cuts by major producers.
The EIA Tuesday hiked its forecasts for U.S. output and cut average oil price forecasts.
OPEC and non-OPEC producers have agreed to cuts of 1.8 million barrels a day in the first half.

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