Oil steady, supported by U.S. stocks and supply concerns (reuters)

Oil prices steadied on Thursday but the market remained bullish after news of another fall in U.S. crude inventories and on signs that OPEC may not raise production enough to compensate for the loss of Iranian exports hit by U.S. sanctions.

Reuters reported two weeks ago that Saudi Arabia wanted oil to stay between $70 and $80 a barrel for now, seeking a balance between maximizing revenue and keeping a lid on prices until U.S. congressional elections.

U.S. crude oil stockpiles fell for a fifth straight week to 3-1/2 year lows in the week to Sept. 14, while gasoline inventories also showed a larger than expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday.
more detail at source: https://www.reuters.com/article/us-global-oil/oil-rises-on-u-s-crude-stock-draw-supply-concerns-idUSKCN1M002N

Back To Top
×Close search