Oil edges up after drop in U.S. crude inventories, but soaring output weighs | Reuters

SINGAPORE (Reuters) - Oil prices inched up on Thursday on a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market

Reuters December 07, 2017 06:45:13 IST
Oil edges up after drop in U.S. crude inventories, but soaring output weighs | Reuters

Oil edges up after drop in US crude inventories but soaring output weighs  ReutersSINGAPORE (Reuters) - Oil prices inched up on Thursday on a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market. An oil pump jack is seen at sunset in a field outside Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS/Christian Hartmann U.S. West Texas Intermediate (WTI) crude futures were at $56.09 a barrel at 0101 GMT, up 13 cents, or 0.23 percent from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were at $61.32 a barrel, up 10 cents, or 0.16 percent. Traders said the higher prices came as U.S. crude oil inventories fell by 5.6 million barrels in the week to Dec. 1, to 448.1 million barrels C-STK-T-EIA, putting stocks below seasonal levels in 2015 and 2016. The slightly higher prices came after a much bigger sell-off in late U.S. trading. “WTI prices cratered (on Wednesday) despite a drop in weekly crude inventories. Indeed, traders were more concerned about the steep rise in gasoline inventories,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore. Gasoline stocks USOILG=ECI rose 6.8 million barrels, to 220.9 million barrels, much more than analyst expectations in a Reuters poll for a gain of 1.7 million barrels. “This suggests that refiners may not need to process as much crude in the future” ANZ said on Thursday. “The EIA report also showed that U.S. production increased again,” the bank added. U.S. crude production C-OUT-T-EIA climbed by 25,000 barrels per day (bpd) to 9.71 million bpd, the highest since monthly figures showing the United States produced more than 10 million bpd in the early 1970s.

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes
India

Pulitzer Prize-winning photojournalist Danish Siddiqui killed in Afghanistan: Politicans, journalists pay tributes

The Pulitzer prize winner, who was in Kandahar covering operations against Taliban, was killed when he was riding along with the Afghan Special Forces

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province
India

Indian photojournalist Danish Siddiqui killed during assignment in Afghanistan's Kandahar province

Siddiqui had also covered the 2020 Delhi riots, COVID-19 pandemic, Nepal earthquake in 2015 and the protests in Hong Kong

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth
India

Danish Siddiqui's passing is a reminder of the high price one pays for showing the truth

Danish's photographs were not just documentation, but the work of someone who went down to eye-level, as they say in photographic parlance.