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Oil surges to $ 52.88 a barrel as US stocks fall 2017-08-10
economy Since 2017-08-10 at 11:39 (Baghdad time)
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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 in quiet trading.
By 0617 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 1.1 percent higher 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. Crude rose 0.8 percent in the previous session.
The US Energy Information Administration said on Wednesday 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. Ended 29 / a 43
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economy Since 2017-08-10 at 11:39 (Baghdad time)
Follow Mawazine News
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 in quiet trading.
By 0617 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 1.1 percent higher 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. Crude rose 0.8 percent in the previous session.
The US Energy Information Administration said on Wednesday 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. Ended 29 / a 43
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.mawazin.net%2F%D8%A7%D9%84%D8%AC%D8%A8%D9%88%D8%B1%D9%8A-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D8%A7%D9%84%D9%89-%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A8%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%88%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9%2F%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9&edit-text=
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