Oil Market Update

Oil futures ended with small gains Thursday, but only after the U.S. benchmark sank below the $44-a-barrel level for the first time in nearly six years in a trading environment shadowed by a rapidly growing glut of crude.

Light, sweet crude for March delivery CLH5, +0.29%  on the New York Mercantile Exchange rose 8 cents, or 0.2%, to close at $44.53 a barrel. It was a choppy trading session, with the contract earlier dipping as low as $43.58, its lowest level since March 2009. The price action follows a 3.9% slide from Wednesday, which was triggered by bearish inventory data.

ICE Brent crude, the global oil benchmark, gained ground, with the March contract LCOH5, -0.14%  rising 66 cents, or 1.4%, to settle at $49.13 a barrel.

Platinum Market Update

In other metals, platinum for April delivery PLJ5, +0.68%  tumbled $41.20, or 3.3%, to $1,217.30 an ounce, while palladium for March delivery PAH5, +0.86%  lost $24.70 to $771.60 an ounce. 

High-grade copper for March delivery HGH5, -0.43%  fell 3 cents, or 1.1%, to $2.45 a pound.

Gold Market Update

Gold posted its biggest daily percentage drop in 13 months on Thursday as U.S. jobless claims fell sharply, bolstering the Federal Reserve’s commitment to tightening monetary policy later in the year.

Gold for February delivery GCG5, +0.49% skidded $31.30, or 2.4%, to settle at $1,254.60 an ounce, while March silver futures SIH5, +0.94% shed $1.32, or 7.3%, to $16.77 an ounce.