Oil prices claw back ground after sharp drop, buoyed by U.S. crude stock dip

Live Quote: On

RSS

My Page | Contact Us

RSS

RSS

Company A-Z | Stock Screener | My Portfolios | Streaming Quotes | Technical Analysis

Investing Tools

Useful Links

Friday, April 19, 2024 2:29:37 PM - Markets open

VN-INDEX

1,180.25

-12.76/-1.07%

HNX-INDEX

221.78

-4.42/-1.95%

UPCOM-INDEX

87.47

-0.68/-0.77%

Oil prices claw back ground after sharp drop, buoyed by U.S. crude stock dip

Reuters - 4/20/2017 9:06:59 AM

(0 ratings. You must sign in to rate.)

Print |

Add To Favorites |

Email |

RSS

Oil prices regained some ground on Thursday after steep losses the previous day, with a slight drop in U.S. crude inventories stoking hopes that a push to rein in global oversupply could be gathering at least some momentum.

Brent crude futures were at $53.31 per barrel at 0108 GMT, up 38 cents, or 0.72 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures had risen 31 cents, or 0.61 percent, to $50.75 a barrel.

Traders said that the gains came on the back of a reduction in commercial U.S. crude stocks, which fell by 1 million barrels last week to 532.34 million barrels, according to the U.S. Energy Information Administration (EIA). However, that level was still near a record high.

Price increases came after both crude benchmarks fell over 3.5 percent the previous day following a report of surging gasoline inventories as well as another rise in U.S. crude oil production to 9.25 million barrels per day (bpd), up almost 10 percent since mid-2016.

U.S. gasoline stocks posted a counter-seasonal build of 1.5 million barrels, despite heavier refining activity.

"The U.S. has now entered a seasonal period in which stockpiles are reduced during the summer driving season, hence the unexpected miss weighed heavily on prices," James Wood, investment analyst with Rivkin Securities, said in a note.

Newer News
09/12	Measures needed to help SMEs tap ASEAN market: seminar
24/08	Upstream oil businesses profit from higher rents and limited supplies
06/03	Taxing second homes must be studied carefully: experts
21/09	Central banks set to hit peak rates at faster pace
23/03	Policymakers fear high inflation and unemployment
17/03	Current global inflation a worrisome situation
26/01	ASEAN+3 economic prospects positive in 2022
30/12	Cryptocurrency continues to be attractive investment channel next year
13/08	Biden, Harris vow to 'rebuild' America post-Trump
05/01	Game-changing strategy for smart manufacturers

Older News
20/04	Asian stocks set for cautious start on weak U.S. cues
19/04	Dollar kicked by ascendant sterling after May calls UK vote
19/04	Sterling on a high; shares sidelined as caution rules
18/04	Dollar/yen off five-month low but U.S.-Japan trade issues limit rise
18/04	Oil prices mixed after U.S. production seen rising
18/04	Asia stocks slip amid North Korea concerns, dollar up on Mnuchin comments
14/04	Asian shares, Korean won head south on geopolitical worries
13/04	Dollar slumps broadly after Trump says currency 'getting too strong'
13/04	OPEC sees rivals' oil output rising as it over-delivers on cuts
13/04	Trump comments, North Korea fears sink dollar, bond yields, stocks choppy

Newsletter Signup

Top Stories

	Gold bar auction to be resumed after 11 years of suspension
	PM Chính requires strengthened gold market management
	Bank shareholders to receive high dividends, stock bonuses
	Shares sustain gains on strong investor confidence
	Banks given advantages to CASA ratio