Oil Pulls Back After Big Jump on US Crude Stock Draw

تم نشره في Sat 10 September / Sep 2016. 12:00 AM
  • A view of an oil refinery off the coast of Singapore. – (Reuters)

NEW YORK/LONDON — Oil prices profit-taking pulled back on Friday after settling more than 4 per cent higher a day earlier after government data confirmed a surprisingly huge drawdown in US crude inventories.

London Brent crude for November delivery LCOc1 was down 36 cents at USD49.63 a barrel by 0023 GMT. It settled up USD2.01, or 4.2 per cent, at USD49.99 on Thursday after touching a near two-week high of USD50.14 earlier.

NYMEX crude for October delivery CLc1 was down 35 cents at USD47.27, after settling up USD2.12, or 4.7 per cent, on Thursday.

US crude stocks dropped 14.5 million barrels last week to 511.4 million barrels, the biggest weekly drop in stockpiles since January 1999, according to government data.

Imports into the US Gulf Coast fell to 2.5 million barrels per day, the lowest since data collection began in 1990.

Traders said the imports fell as ships delayed offloading cargoes in Texas and Louisiana due to Tropical Storm Hermine.

Gasoline futures RBc1 fell nearly 1 per cent on Friday after jumping over 5 per cent on Thursday after the data release, on higher than expected draws and rising refinery utilization in the Midwest.

Russian average oil production rose close to 11 million bpd during Sept. 1-7, industry sources told Reuters, from 10.71 million bpd in August.

(Reuters)

Comment