Oil prices rise on US inventory draw, OPEC output hike delay
Investing.com -- Oil prices rose in Asian trade on Thursday, extending gains from the prior session after an unexpected draw in U.S. inventories- especially a sharp drop in gasoline stockpiles-helped spur some confidence in demand.
Markets took few cues from mixed purchasing managers index data from top oil importer China, which showed business activity just managed to grow in October.expiring in December rose 0.3% to $72.79 a barrel, while West Texas Intermediate crude futures rose 0.3% to $68.83 a barrel by 03:49 ET .Government data showed on Wednesday that U.S. inventories shrank by 0.5 million barrels in the past week, compared to expectations for a build of 1.5 mb.
The reading spurred some hopes that oil markets in the world’s biggest fuel consumer were tight, and that fuel demand remained robust.Reuters reported on Wednesday that OPEC+ could delay plans to begin increasing production from December by a month or more, amid concerns over weak demand and high supply.
The Reuters report helped lift oil prices on Wednesday, although they were still nursing steep losses from earlier in the week. Brent was also trading just a few dollars above its 2024 lows, which it had hit in September.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gas Price Fixing Scandal Grows as Another US Oil Exec 'Caught Colluding With OPEC'Julia Conley is a staff writer for Common Dreams.
Read more »
Crude Oil trades lower after OPEC adjusts its global demand to the downsideCrude Oil trades on the back foot on Monday following the release of the monthly Organization of the Petroleum Exporting Countries (OPEC) report.
Read more »
Crude oil prices fall nearly 2% after OPEC cuts demand forecast againSoft demand in China has weighed on the market for months.
Read more »
Crude Oil: Geopolitical Risks, OPEC+ Discord May Spark Potential Plunge Below $67Commodities Analysis by Investing.com (Damian Nowiszewski) covering: Brent Oil Futures, Crude Oil WTI Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Read more »
Mid-east conflict and OPEC+ restraint hopes preventing a sharp oil correctionNotwithstanding concerns surrounding a wider Middle East war, which could disrupt oil flows from the region, China stimulus disappointment and OPEC+ producer plans to bring barrels back in the coming months have put the crude oil market at risk of a sharp correction.
Read more »
OPEC+ lowers global oil demand forecast for third consecutive monthPolitical News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »