Oil prices cling to gains as stockpiles rise for seventh week


Oil prices cling to gains as stockpiles rise for seventh week

Oil prices held gains on Friday on data showing US stockpiles rose for a seventh straight week but at a pace that was well below expectations, and news of oil being sold out of storage in Southeast Asia.

US West Texas Intermediate was unchanged at $54.45 a barrel by 10.56am, pulling back from early losses. WTI was on track for a weekly gain of about 2%, which would be its biggest so far this year.

Brent crude was up 3 cents at $56.61 and was on track for a weekly gain of about 1.4%.

US crude inventories rose by 564,000 barrels in the week to 17 February, up for a seventh week, although below analysts’ expectations for an increase of 3.5 million barrels, the Energy Information Administration (EIA) said.

The Organization of the Petroleum Exporting Countries (Opec) and producers, including Russia, have pledged to cut production by around 1.8 million barrels per day (bpd) to tackle a global glut that has kept prices depressed since 2014. Read More…

Credit By : Livemint.com

Leave a Reply

Your email address will not be published.