Oil prices edge higher after US stocks build less than expected

Brent crude futures rose 15 cents to $83.11 a barrel by 0021 GMT, while U.S. West Texas Intermediate crude futures rose 18 cents to $79.31 a barrel.

ticked higher on Thursday after U.S. rose less than expected last week and saw large draws.

rose 15 cents to $83.11 a barrel by 0021 GMT, while U.S. West Texas Intermediate crude futures rose 18 cents to $79.31 a barrel.

The benchmarks edged up about 1% on Wednesday after crude inventories rose for a sixth week in a row, building by 1.4 million barrels, about two-thirds of the 2.1 million-barrel rise analysts had forecast in a Reuters poll.

Gasoline and distillate stocks fell more-than-expected, the EIA data also showed.

A strong U.S. dollar will maintain the status quo in the near term, as markets brace for a risk the U.S. Federal Reserve's first interest rate cut gets delayed to the second half of this year, according to a Reuters poll of foreign exchange strategists.

Fed Chair Jerome Powell said continued progress on inflation "is not assured", though the U.S. central bank still expects to reduce its benchmark interest rate this year.

Markets also awaited Chinese trade data. Beijing this week said it is again aiming for GDP growth this year of around 5%. Many analysts are sceptical, though, and the performance of imports and exports in recent months suggests trade will not be a major driver of the economy.

In a sign of supply tightness, top oil exporter Saudi Arabia raised the prices for flagship Arab Light crude it sells to Asia in April to $1.70 a barrel above the Oman/Dubai average, trade sources said.

Source: Commodities-Markets-Economic Times

Последние публикации
US, Mexico reach agreement on Rio Grande water deliveries amid drought, shortages
09.11.2024 - 20:00
California approves tighter rules for low carbon fuels policy
09.11.2024 - 08:00
Explainer-Who are the key voices at the COP29 climate summit in Baku?
09.11.2024 - 08:00
US renewable fuel credits rally to multi-month highs despite Trump reelection
09.11.2024 - 00:00
Gold prices settle below $2,700 as dollar continues post-election rise
09.11.2024 - 00:00
Trump prepares to withdraw from Paris climate agreement, NYT reports
09.11.2024 - 00:00
Trump prepares withdrawing from Paris climate agreement, NYT reports
08.11.2024 - 23:00
U.S. governors pledge to press ahead on climate after Trump win
08.11.2024 - 22:00
Oil settles down 2% on receding hurricane risk, lackluster China stimulus
08.11.2024 - 22:00
Oil falls over 2% on receding US hurricane risk, lackluster China stimulus
08.11.2024 - 21:00
US federal energy revenue falls 10% in 2024, but still among biggest years ever
08.11.2024 - 21:00
Trump considering Doug Burgum as new ‘energy tsar’ to slash regulations, FT reports
08.11.2024 - 20:00
Oil prices fall 3% as US hurricane risk recedes, China stimulus disappoints
08.11.2024 - 19:00
Exclusive-Biden administration buys last oil for emergency reserve as fund taps out
08.11.2024 - 18:00
Multilateral development banks are stepping into climate breach- EBRD President
08.11.2024 - 18:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?