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The oil market is stable as US production approaches 10 million barrels per day
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Economy News Baghdad: Oil prices stabilized on Thursday, supported by a drop in US crude inventories, but US production, which is fast approaching 10 million barrels per day (bpd), a level barely surpassed by Saudi Arabia and Russia, has prevented gains. US West Texas Intermediate crude futures were at $ 58.12 a barrel at 0701 GMT, unchanged from the previous settlement price. Brent crude, which recorded $ 64.56 a barrel, also stabilized. But the benchmark crude was up around 1 percent in previous sessions on data showing US crude inventories fell 6.5 million barrels over the week ending December 15 to 436 million barrels, the lowest level since October 2015. In contrast, a new increase in US crude oil production was announced, while an increase in gasoline inventories indicates a slowdown in demand. |
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