Oil prices jump over 1pc

Dhaka,  Monday,   2016-09-21
Published : 21 Sep 2016, 15:18:19

Oil prices jump over 1pc

Oil prices jump over 1pc
Oil prices jumped over 1.0 per cent on Wednesday, pushed by a reported draw in US crude inventories and an oil service worker strike in Norway which may impact output.

Firm import data from Japan also supported prices, traders said.

US West Texas Intermediate (WTI) crude futures CLc1 were up 1.93 per cent, or 85 cents, at $44.90 a barrel at 0644 GMT.

The October contract expired Tuesday at $43.44 a barrel and the front-month has now rolled over to November delivery.

Traders said the main WTI price driver was American Petroleum Institute data showing a 7.5 million barrel draw to 507.2 million barrels in US crude inventories.

Japan's crude imports rose 0.5 per cent in August from the same month a year earlier, the Ministry of Finance said on Wednesday, reaching 3.38 million barrels per day last month.

Overall, however, oil markets remain oversupplied as exporters around the world pump near record amounts.

Oil producers from the Organisation of the Petroleum Exporting Countries (OPEC) and Russia plan to meet in Algeria next week to discuss measures to rein in the oversupply, according to a news agency report.

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