Crude stocks rise, fuel inventories drop

A view of Mexico's national oil company Pemex's refinery in Salamanca

A view of Mexico's national oil company Pemex's refinery in Salamanca

Oil prices lost some ground Wednesday, as investors prepared for the release of weekly data on USA inventory levels due later today.

Oil prices declined, with Brent crude futures falling 23 cents to $58.10 a barrel and U.S. West Texas Intermediate crude off 45 cents at $52.02 as of 1:36 p.m. EDT (1736 GMT). "We will support anything to stabilise the oil demand and supply", Saudi Arabia's Crown Prince Mohammad bin Salman told Reuters on Thursday when asked whether the kingdom would support extending an agreement to cut supplies until the end of 2018.

The Organization of the Petroleum Exporting Countries-of which Saudi Arabia is the largest member-and some other major producers like Russian Federation first agreed late previous year to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices.

Brent crude edged up after top exporter Saudi Arabia reiterated its determination to end a three-year supply glut.

ACLU Takes Young Immigrant's Abortion Fight to DC Circuit
The teen, whose name has been withheld, has already received a state court order permitting her to have the abortion. A US appeals court has further delayed an undocumented pregnant teenage migrant's efforts to obtain an abortion .

Oil prices closed at a six-month high on Thursday, boosted by declining stockpiles of fuel and hopes that OPEC will extend a deal to limit global production. A forecast from the EIA, meanwhile, said expectations for WTI are what drive its forecast for crude oil production.

"Price volatility in the oil market is expected to persist in the run-up to the November OPEC meeting".

U.S. crude inventories rose by 856,000 barrels last week, U.S. Energy Information Administration data showed on Wednesday. Early October production levels were impacted by Gulf of Mexico operations shut down ahead of Hurricane Nate.

The Organization of the Petroleum Exporting Countries, along with several other nations outside the cartel, agreed to curb oil production by about 1.8 million barrels a day a year ago.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.