Thursday 08-12-2016 | 12:13:32
To extract the oil - c c / p p mechanisms
Twilight News / abandoned oil prices for some of the gains made in early trade to turn into a decline in Asian trading on Thursday amid mixed data on US oil stocks and doubts about OPEC cuts production application but a weaker dollar supported prices.
By 0659 GMT, futures trading Gerry global crude measurement Brent 16 cents lower at $ 52.84 a barrel. Prices rose to $ 53.20 a barrel in early trading from Thursday's session.
The decline in US crude West Texas Intermediate 15 cents to $ 49.62 a barrel after rising to $ 50.07 in early trading.
The US oil inventories fell 2.4 million barrels in the week ending on the second of December, compared with analysts' expectations for a drop of one million barrels.
But stocks in the Cushing, Oklahoma - delivery futures of the American Petroleum Center - increased 3.8 million barrels last week, the biggest increase since 2009, according to data from the US Energy Information Administration.
Oil has risen since reached the Organization of the Petroleum Exporting Countries (OPEC) and Russia, a historic agreement last week to cut production to drain the glut of global supply and supporting prices.