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Oil stabilizes with support from supply contraction and expectations of an OPEC extension
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Economy News Baghdad: Oil prices held steady on Thursday, supported by continued OPEC-led output cuts and tensions in the Middle East, as well as a drop in US production due to hurricane closures. By 0641 GMT, global benchmark crude was trading at $ 58.19 a barrel near the previous settlement and above mid-year levels by about 30 percent. WTI crude futures were $ 52.03 a barrel, also close to the previous settlement, but up about 25 percent from the June level. The US Energy Information Administration said on Wednesday that US crude inventories fell by 5.7 million barrels in the week ending October 13 to 456.49 million barrels. US production fell 11 percent from the previous week to 8.4 million barrels per day, the lowest level since June 2014 after a shutdown caused by Hurricane Nat hit the Gulf Coast region in early October. Analysts said there were also risks to the supply of political instability in areas in the Middle East and South America. Iraqi forces seized control of the oil-rich city of Kirkuk this week in response to a referendum on independence by the Kurds, fueling fears of supply disruptions. |
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