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Oil above: Marathon Oil Corporation (MRO), Murphy Oil Corporation (MUR), Matador Resources Co (MTDR)

Oil edged further above $38 a barrel on Thursday before retreating as it remained within sight of an 11-year low reached this week, as traders put positions in order ahead of an expected week of low liquidity ahead.

U.S. crude has gained support from falling inventories, reduced drilling and the lifting of a ban on most U.S. crude exports, which has pushed U.S. crude to a premium to global benchmark Brent for the first time in about a year.

Brent LCOc1 settled up 53 cents at $37.89 a barrel as of 11:48 a.m. EST. It fell to $35.98, an 11-year low, on Tuesday. U.S. crude CLc1 settled up 60 cents at $38.10 after gaining more than 8 percent this week.

“Some traders playing spot on the downside are getting out and calling it a year,” said Tariq Zahir, managing partner at Tyche Capital Advisors.

U.S. crude futures have seen support from fundamentals including the lifting of a four-decade ban on crude exports.

“The lifting of the ban on U.S. exports will provide some underlying support for U.S. crude. Oil demand in 2015 was exceptionally high and at current prices, demand is going to remain strong next year,” said Olivier Jakob, analyst at Petromatrix

Marathon Oil Corporation (NYSE:MRO) share price increased in the last trading session with a previous 52-week high of $30.82. The stock traded at a volume of 5,709,480 shares at a price gain of -0.21% .The share price is now down -11.30% for the past three months. Latest closing price was -17.57% below its 50-day moving average and -35.42% below its 200-day moving average.

Murphy Oil Corporation (NYSE:MUR) closed at $ 23.35, down -1.14%from previous close and at a distance of -4.43% from 20-day simple moving average. Over the last 12 months, a return on equity of -17.10 percent was realized due to the financial situation and earnings per share reached a value of $-7.23. Last fiscal year, $1.40 has been paid in form of dividends to investors. Earnings are projected to move up 32.30 percent for the coming five years.

Matador Resources Co (NYSE:MTDR) dropped -1.30%at the end of recent close. Its previous 52-week high was $29.90 and moved down -28.96%over the same period, trading at a volume of 421,442. Shares have fallen -16.21% over the trailing 6 months. The stock is currently trading -13.40% below its SMA 50 and -12.16% below its SMA 200.