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Oil prices settle amid rising US productio
11:35 - 07/12/2017
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Information / Baghdad ..
Oil prices held steady on Thursday as high US oil production and increased fuel stocks eased the impact of a drop in US oil inventories.
US West Texas Intermediate crude futures were $ 55.95 a barrel, unchanged from the previous settlement price.
Global Brent crude futures rose 7 cents to $ 61.29 a barrel.
US crude oil inventories fell 5.6 million barrels in a week to Dec. 1 to 448.1 million barrels, dropping stocks from the same levels in 2015 and 2016.
"Traders were more concerned about the sharp rise in gasoline stocks," said Stephen Ince, head of Asia-Pacific trading at Singapore's Awanda Futures Brokerage.
Gasoline inventories rose 6.8 million barrels to 220.9 million barrels, according to the US Energy Information Administration report, well above analysts' expectations in a Reuters poll of 1.7 million barrels.
US oil production rose 25 thousand barrels per day to 9.71 million barrels per day, the highest since monthly data showed that the United States produced more than 10 million barrels per day in the early seventies.
High US output threatens to undermine efforts by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to balance production and demand after years of oversupply. Ending / 25
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