Oil prices inch down

Dhaka,  Mon,  25 September 2017
Published : 10 Aug 2017, 10:53:18

Oil prices fall as market settles into range

Oil prices inch down
Oil futures fell slightly on Thursday despite official figures showing US crude inventories dropped more than expected, with an analyst saying the market had settled into a range.

Brent crude, LCOc1 the global benchmark, was down 4 cents, or 0.1 per cent, at $52.66 at around 0232 GMT, after earlier trading as high as $52.80. It closed up 1.1 per cent on Wednesday, snapping two days of declines.

US West Texas Intermediate (WTI) crude CLc1 was down 3 cents at $49.52, after rising to $49.69 earlier. The contract gained 0.8 per cent in the previous session.

US crude stockpiles fell last week as refineries boosted output to the highest percentage of capacity in 12 years, the Energy Information Administration said on Wednesday.

US oil inventories USOILC=ECI dropped by 6.5 million barrels last week, the government data showed, steeper than the expected decrease of 2.7 million barrels.

Russia and other producers are cutting output by about 1.8 million barrels per day (bpd) under an agreement set to run until March 2018.

The deal has supported prices but a recovery in output in Libya and Nigeria, OPEC members exempt from the cut, has also complicated the initiative, reports Reuters.
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