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Oil prices rise after US stocks fall
17/08/2017
Oil prices rose Thursday, offsetting some of the losses of the previous session.
Traders said the market was moving within a narrow range supported by a decline in crude inventories while higher production.
At 0543 GMT, Brent crude futures rose 17 cents, or 0.3 percent, from the previous close to $ 50.44 a barrel.
US crude futures in the West Texas Intermediate rose six cents, or 0.1 percent, to $ 46.84 a barrel.
The slight gain comes after a drop of more than 1 percent in the previous session.
Data from the US Energy Information Administration showed on Wednesday that US crude oil inventories fell about 13 percent from March's peak levels to 466.5 million barrels. Stocks are now lower than in 2016.
"If inventories continue to decline at this pace, they will fall below the five-year average in about two months," said William Olulin, an analyst at Trevain Australia Securities.
"The pace of declines suggests that OPEC production cuts are having an impact, but current oil prices indicate that the market is skeptical of the chances of restoring long-term equilibrium in the oil market." Sf
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