Oil continued to recover Thursday for the sixth session in a row supported by a fall in U.S. output in the latest week and a drop in gasoline inventories. U.S. crude was up 54 cents, or 1.21%, at $45.28 at 08:00 ET. Brent added 56 cents, or 1.18%, to $48.10.
The Energy Information Administration Wednesday reported a fall in U.S. output of 100,000 barrels a day in the latest week to 9.3 million.The drop might have been due to temporary factors such as weather conditions and maintenance work.
The EIA also reported a larger-than-expected drop in gasoline inventories, but crude inventories were up 118,000 barrels against a forecast fall of about 2.5 million.
Major producers are under growing pressure to beef up output curbs as supply concerns continue to overhang the market.
OPEC and non-OPEC producers have agreed to reduce output by 1.8 million barrels a day through to March.Higher U.S. drilling activity and output rises by Nigeria and Libya, which have been exempt from the OPEC-led cuts, continue to work against the curbs as inventories remain high.
No comments:
Post a Comment