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Oil is on the rise due to a drop in inventories but growing production is holding back
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Economy News Baghdad: Oil markets rose on Thursday, supported by a drop in US crude inventories for the fourth week in a row, but the rise in output has cut price gains to stay well below the 2015 highs reached earlier this week. At 0545 GMT, US crude futures rose 9 cents, or 0.2 percent, to $ 56.69 a barrel from the previous settlement. Brent crude for the year was $ 62.79 a barrel, up 35 cents, or 0.6 percent, from a previous close. US crude oil inventories fell 5.1 million barrels over the week ending Dec. 8 , continuing their fourth straight decline, hitting 442.99 million barrels, the lowest level since October 2015. Despite the high price, Brent is well below the $ 65.83 a barrel peak of the 2015 peak touched earlier this week. Crude touched that level after the Fortis pipeline - which transfers large quantities of North Sea crude used in Brent pricing - was closed due to cracks. The International Energy Agency (IEA) said it saw no immediate need to take steps such as releasing strategic stocks because markets were still receiving good supplies. |
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