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Oil rises as US inventories fall
SECTION: ECONOMICAUGUST 10, 2017
BAGHDAD (Reuters) - Oil futures rose on Thursday after official data showed US crude inventories fell more-than-expected, but some analysts said the market was moving in a tight range under quiet trade.
By 1817 GMT, global benchmark crude <LCOc1> was up 18 cents, or 0.3 percent, at $ 52.88 a barrel after falling slightly earlier in the session. Crude closed up 1.1 percent on Wednesday after a two-day drop.
US WTI rose 16 cents, or 0.3 percent, to $ 49.72 a barrel after falling earlier in the session, and crude rose 0.8 percent in the previous session.
The US Energy Information Administration said Wednesday that crude stocks fell last week as refinery production rose to the highest percentage of capacity in 12 years.
Government data showed a decline in oil inventories in the United States 6.5 million barrels last week, while expectations were for a decline of 2.7 million barrels.
The Organization of the Petroleum Exporting Countries (OPEC) is cutting production by 1.8 million bpd as part of an agreement until March 2018.
This agreement supported prices, but the recovery of production in Libya and Nigeria, OPEC members exempted from the cut production agreement, hampered those efforts.
http://www.albaghdadiyanews.com/?p=49807
SECTION: ECONOMICAUGUST 10, 2017
BAGHDAD (Reuters) - Oil futures rose on Thursday after official data showed US crude inventories fell more-than-expected, but some analysts said the market was moving in a tight range under quiet trade.
By 1817 GMT, global benchmark crude <LCOc1> was up 18 cents, or 0.3 percent, at $ 52.88 a barrel after falling slightly earlier in the session. Crude closed up 1.1 percent on Wednesday after a two-day drop.
US WTI rose 16 cents, or 0.3 percent, to $ 49.72 a barrel after falling earlier in the session, and crude rose 0.8 percent in the previous session.
The US Energy Information Administration said Wednesday that crude stocks fell last week as refinery production rose to the highest percentage of capacity in 12 years.
Government data showed a decline in oil inventories in the United States 6.5 million barrels last week, while expectations were for a decline of 2.7 million barrels.
The Organization of the Petroleum Exporting Countries (OPEC) is cutting production by 1.8 million bpd as part of an agreement until March 2018.
This agreement supported prices, but the recovery of production in Libya and Nigeria, OPEC members exempted from the cut production agreement, hampered those efforts.
http://www.albaghdadiyanews.com/?p=49807
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