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Oil prices edge up as drop in U.S. crude stocks eases glut worries

Reuters  |  SEOUL 

SEOUL (Reuters) - prices edged up on Friday as a drawdown in U.S. crude inventory eased concerns about a supply glut.

Brent crude was up 7 cents, or 0.14 percent, at $51.81 per barrel at 0021 GMT, after closing the previous session down 7 cents at $51.74.

U.S. West Texas Intermediate crude (WTI) was up 11 cents, or 0.23 percent, at $48.86 a barrel.

Official data showed crude inventories in the United States, the world's top consumer, fell last week as imports plunged, dropping after nine consecutive increases. [EIA/S]

Crude stockpiles fell by 237,000 barrels in the week to March 10, beating analyst expectations for an increase of 3.7 million barrels.

"Saudi Arabian Energy Minister Khalid Al-Falih continued to express concern about high inventories," ANZ said in a note. "However, he did reiterate that the market is currently going in the right direction and fundamentals had improved."

If crude inventories remain high, the Organization of Petroleum Exporting Countries (OPEC) could extend its output cut deal, the Saudi energy minister said on Thursday.

OPEC and non-OPEC members including Russia reached a landmark agreement last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017.

But OPEC's monthly report showed inventories increased in January to 278 million barrels above the five-year average.

(Reporting by Jane Chung; Editing by Joseph Radford)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Oil prices edge up as drop in U.S. crude stocks eases glut worries

SEOUL (Reuters) - Oil prices edged up on Friday as a drawdown in U.S. crude inventory eased concerns about a global supply glut.

SEOUL (Reuters) - prices edged up on Friday as a drawdown in U.S. crude inventory eased concerns about a supply glut.

Brent crude was up 7 cents, or 0.14 percent, at $51.81 per barrel at 0021 GMT, after closing the previous session down 7 cents at $51.74.

U.S. West Texas Intermediate crude (WTI) was up 11 cents, or 0.23 percent, at $48.86 a barrel.

Official data showed crude inventories in the United States, the world's top consumer, fell last week as imports plunged, dropping after nine consecutive increases. [EIA/S]

Crude stockpiles fell by 237,000 barrels in the week to March 10, beating analyst expectations for an increase of 3.7 million barrels.

"Saudi Arabian Energy Minister Khalid Al-Falih continued to express concern about high inventories," ANZ said in a note. "However, he did reiterate that the market is currently going in the right direction and fundamentals had improved."

If crude inventories remain high, the Organization of Petroleum Exporting Countries (OPEC) could extend its output cut deal, the Saudi energy minister said on Thursday.

OPEC and non-OPEC members including Russia reached a landmark agreement last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017.

But OPEC's monthly report showed inventories increased in January to 278 million barrels above the five-year average.

(Reporting by Jane Chung; Editing by Joseph Radford)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Oil prices edge up as drop in U.S. crude stocks eases glut worries

SEOUL (Reuters) - prices edged up on Friday as a drawdown in U.S. crude inventory eased concerns about a supply glut.

Brent crude was up 7 cents, or 0.14 percent, at $51.81 per barrel at 0021 GMT, after closing the previous session down 7 cents at $51.74.

U.S. West Texas Intermediate crude (WTI) was up 11 cents, or 0.23 percent, at $48.86 a barrel.

Official data showed crude inventories in the United States, the world's top consumer, fell last week as imports plunged, dropping after nine consecutive increases. [EIA/S]

Crude stockpiles fell by 237,000 barrels in the week to March 10, beating analyst expectations for an increase of 3.7 million barrels.

"Saudi Arabian Energy Minister Khalid Al-Falih continued to express concern about high inventories," ANZ said in a note. "However, he did reiterate that the market is currently going in the right direction and fundamentals had improved."

If crude inventories remain high, the Organization of Petroleum Exporting Countries (OPEC) could extend its output cut deal, the Saudi energy minister said on Thursday.

OPEC and non-OPEC members including Russia reached a landmark agreement last year to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017.

But OPEC's monthly report showed inventories increased in January to 278 million barrels above the five-year average.

(Reporting by Jane Chung; Editing by Joseph Radford)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22