Oil prices extends gain in Asian trade

Dhaka,  Monday,   2016-09-22
Published : 22 Sep 2016, 14:13:10

Oil prices extends gain in Asian trade

Oil prices extends gain in Asian trade
Oil prices extended gains from the previous session in Asian trading on Thursday after a surprise third consecutive weekly US crude inventory draw tightened the market.

US West Texas Intermediate (WTI) crude oil futures were trading at $45.59 per barrel at 0045 GMT, up 25 cents from their previous close.

The contract had already gained as much as 3.0 per cent the day before.

Prices jumped after the US Energy Information Administration (EIA) surprised the market with a 6.2 million barrel fall in crude oil inventories last week to 504.6 million barrels.

International benchmark Brent crude futures were also up, gaining 27 cents from their last close to $47.10 per barrel.

Brent was lifted by an oil workers' strike in Norway, which threatened to cut North Sea crude output.

A weaker dollar after the Federal Reserve left US interest rates unchanged also supported oil prices as it makes dollar-traded fuel imports cheaper for countries using other currencies, according to a news agency report.

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