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Oil falls after US data
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Economy News _ Baghdad Oil prices fell on Thursday and US crude dropped some of the gains it made in the previous session supported by an unexpected drop in stocks, while Brent crude continued to retreat from the highest level in 26 months recently. US WTI fell 22 cents, or 0.4 percent, to $ 51.92 a barrel by 0646 GMT, after rising 26 cents in the previous session to just below its peak in five months. Brent crude fell 41 cents, or 0.7 percent, to $ 57.49 a barrel, continuing its slide from a two-year high of $ 59.49 a barrel on Tuesday after falling about 1 percent in the previous session. US crude inventories fell 1.8 million barrels last week, according to the US Energy Information Administration on Wednesday, compared to expectations of an increase of 3.4 million barrels. The decline in stocks gave some support to oil prices as refiners returned to work after Hurricane Harvey last month, but gasoline inventories rose unexpectedly as distillate inventories fell less than expected. "While the data gave a mixed picture, demand prospects improved," said Ben Le Baron, market analyst at Option Express in Sydney. |
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