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Oil prices hold gains after U.S. crude inventory draw

Category: Economy

Date: 2020-10-15T06:33:35+0000
Oil prices hold gains after U.S. crude inventory draw

Shafaq news/ Oil prices edged higher on Thursday, extending their 2% gains from the previous session, after data showed U.S. crude stockpiles fell last week, while OPEC and its allies were seen complying with their pact to curb output in September.

U.S. West Texas Intermediate (WTI) crude <CLc1> futures climbed to $41.04 a barrel at 05:30 GMT, while Brent crude <LCOc1> futures rose to $43.31 a barrel.

Oil markets climbed for a third day despite a resurgence in COVID-19 infections across Europe potentially denting fuel demand.

The American Petroleum Institute industry group said U.S. crude, gasoline and distillate inventories all fell in the week to Oct. 9, according to a report released after market close on Wednesday.

Crude stockpiles fell by 5.4 million barrels, while distillate stockpiles, which include diesel and heating oil, fell by 3.9 million barrels. Those drawdowns were nearly double analysts' expectations in a Reuters poll.

"Much of the fall is due to the effects of Hurricane Delta shuttering U.S. production in the Gulf of Mexico، and as such، will be a transitory effect،" said Jeffrey Halley، senior market analyst، Asia Pacific at OANDA.

The U.S. Energy Information Administration is due to release its weekly data on Thursday, a day later than normal following a public holiday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, had 102% compliance with their agreement to cut oil supply in September, two OPEC+ sources told Reuters ahead of a meeting of the OPEC+ technical committee on Thursday to review the oil market.


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