Oil steady on falling crude inventories

Dhaka,  Tue,  26 September 2017
Published : 24 Aug 2017, 11:25:20

Oil prices steady on falling crude inventories

Oil steady on falling crude inventories
Oil prices were little changed on Thursday, holding most of their gains from the previous session after another fall in US crude inventories which is seen as a sign of a tighter market.

Brent crude futures, LCOc1 the international benchmark for oil prices, were at $52.48 per barrel at 0103 GMT, down 9 cents from their last close.

US West Texas Intermediate (WTI) crude futures CLc1 were at $48.31 a barrel, down 10 cents.

Crude futures rose more than 1.0 per cent on Wednesday, also buoyed by potential output disruptions from a storm approaching the Gulf Coast.

Traders said that ongoing declines in US commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back, they said.

"Another strong drawdown in US crude oil inventories should see oil prices well supported," ANZ bank said, although it added that "there was a hint of cautiousness, with US oil output continuing to push higher."

Despite this, US crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday. 

Crude inventories fell by 3.3 million barrels in the week ending August 18, to 463.17 million barrels, down 13.5 per cent from their record levels last March. 
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