Saudi Arabia's crude oil supply to China is set to decline in February from the month before, trade sources said on Thursday, after the kingdom hiked its prices and as OPEC+ extended production cuts in the first quarter.

Oil futures settled with a loss on Wednesday after the U.S. Energy Information Administration reported that commercial crude inventories fell for a seventh straight week, but gasoline and distillate stockpiles climbed by more than 6 million barrels each.

Crude oil prices rose to a three-week high amid mounting concerns over supply disruptions and increasing demands. However, technical analysts caution that oil markets may be over-bought.

Crude oil futures decline as market anticipates comfortable supply in 2025, while natural gas and guargum prices rise.

Oil futures ticked higher early Thursday, steadying after setting back the previous session following data that showed a rise in product inventories that offset a fall in crude supplies.

Oil prices were little changed on Thursday, with investors weighing firm winter fuel demand expectations against large builds of fuel inventories in the U.S., the world's biggest oil user, and macroeconomic concerns.