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Oil prices stabilize at $ 55 a barrel as US production rises and OPEC cuts
economy Since 2017-04-13 at 13:14 (Baghdad time)
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Crude oil futures held steady on Thursday as the market's focus shifted between the rise in US production and production cuts by OPEC and other producers.
By 0657 GMT, Brent crude oil futures were flat at $ 55.86 a barrel. Contracts rose to a one-month high of $ 56.65 on Wednesday before losing gains.
US WTI futures fell six cents to $ 53.05 a barrel. The contracts hit their highest level since March 7 at $ 53.76 a barrel at the previous session.
Traders focus on preliminary data for US production estimates in the US Energy Information Administration's weekly report indicating that domestic production is still rising. Inventories at the delivery center in Cushing, Oklahoma, increased 276,000 barrels in the week ending April 7, the report said.
But the data showed an unexpected decline in total US crude inventories, which fell 2.2 million barrels last week, while imports fell 717 thousand barrels per day.
Brent crude and West Texas Intermediate crude rose in recent sessions after reports that Saudi Arabia was pushing OPEC member states and some competitors to extend production cuts beyond June.
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economy Since 2017-04-13 at 13:14 (Baghdad time)
Follow Mawazine News
Crude oil futures held steady on Thursday as the market's focus shifted between the rise in US production and production cuts by OPEC and other producers.
By 0657 GMT, Brent crude oil futures were flat at $ 55.86 a barrel. Contracts rose to a one-month high of $ 56.65 on Wednesday before losing gains.
US WTI futures fell six cents to $ 53.05 a barrel. The contracts hit their highest level since March 7 at $ 53.76 a barrel at the previous session.
Traders focus on preliminary data for US production estimates in the US Energy Information Administration's weekly report indicating that domestic production is still rising. Inventories at the delivery center in Cushing, Oklahoma, increased 276,000 barrels in the week ending April 7, the report said.
But the data showed an unexpected decline in total US crude inventories, which fell 2.2 million barrels last week, while imports fell 717 thousand barrels per day.
Brent crude and West Texas Intermediate crude rose in recent sessions after reports that Saudi Arabia was pushing OPEC member states and some competitors to extend production cuts beyond June.
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