|Published : 20 Apr 2017, 14:11:31|
Oil prices regain ground
Oil prices regained some ground on Thursday after steep losses the previous day, with a slight drop in US crude inventories stoking hopes that a push to rein in global oversupply could be gathering at least some momentum.
Brent crude futures were at $53.31 per barrel at 0108 GMT, up 38 cents, or 0.72 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures had risen 31 cents, or 0.61 per cent, to $50.75 a barrel.
Traders said that the gains came on the back of a reduction in commercial US crude stocks, which fell by 1 million barrels last week to 532.34 million barrels.
Price increases came after both crude benchmarks fell over 3.5 per cent the previous day following a report of surging gasoline inventories as well as another rise in US crude oil production to 9.25 million barrels per day (bpd), up almost 10 per cent since mid-2016 C-OUT-T-EIA.
US gasoline stocks posted a counter-seasonal build of 1.5 million barrels, despite heavier refining activity, reports Reuters.