Oil prices climb high as USA inventories decline

Oil prices dip on weak Chinese refining activity

Oil prices dip on weak Chinese refining activity

As of 16:38 BST, front month West Texas Intermediate crude oil futures were 0.51% weaker to $47.31 per barrel on the ICE.

During the week ending 11 August, commercial US crude oil inventories fell by 8.9m barrels from the previous week to reach 466.5m, according to the Energy Information Administration, the US Department of Energy's statistical arm.

Brent crude oil futures fell 0.53 dollar or 1.04 percent to close at USD 50.27 a barrel at NYMEX. US 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday. Output from Libya is rebounding as its biggest field boosts production and a port reopens. Gasoline stockpiles rose for a second week and supplies at Cushing, Oklahoma, the delivery point for WTI and the biggest US oil-storage hub, increased by 678,000 barrels.

All Eyes On North Korea
A foreign ministry spokesman for the North on Tuesday denied the country is now discussing the detainees with Washington. It would be a test of the Hwasong-12, a new missile the country flight-tested for the first time in May.

US crude production has been closely watched by OPEC and other producers that have tried to stem a global supply glut.

Whatever effect the EIA's figures have on prices is bound to be short-lived as oil's fundamentals remain largely unchanged, with rising US shale output offsetting OPEC's and its partners' cuts that should together take off 1.8 million bpd from global supply. Prices lost 4c to $47.55 on Tuesday. Brent Crude Oil price at London's IСE Stock Exchange down by 1.08% to $50.52 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and several key oil producers agreed in January to reduce oil production by 1.8 million barrels per day (bpd) by March next year.

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