Oil rises on lower U.S. crude stocks, but growing output caps gains
Oil prices rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though rising output capped prices well below the 2015 highs reached earlier this week, APA reports quoting Reuters.
U.S. West Texas Intermediate (WTI) crude futures were at $56.81 a barrel at 0123 GMT, up 21 cents, or 0.4 percent, from their last settlement.
Brent crude futures, the international benchmark for oil prices, were at $62.84 a barrel, up 40 cents or 0.6 percent from their last close.
U.S. crude oil stockpiles fell by 5.1 million barrels in the week to Dec. 8, the fourth consecutive week of declines, to 442.99 million barrels the lowest since October 2015.
Despite the rise, Brent was well below the $65.83 a barrel June 2015 high reached earlier this week. It hit that level after the Forties pipeline in the North Sea, which carries significant amounts of crude used to underpin the Brent crude futures, was shut down due to cracks.
The International Energy Agency said it saw no immediate need to act, for instance with the release of strategic stockpiles, as the market remains well supplied.
“A decline in the open interest on the Brent crude oil future...is pointing towards some year-end profit-taking after the latest leg-up in prices,” said Ole Hansen, head of commodity strategy at Denmark’s Saxo Bank.
“A lot of, perhaps all, the current news about tightness in the oil market is already priced in,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Related news releases
- 24.04.2018USD rate at today's auction announced
- 24.04.2018Official Exchange Rates
- 24.04.2018Azerbaijani oil price exceeds $75
- 24.04.2018Gold price rises
- 24.04.2018Oil prices go up
- 24.04.2018Brent crude oil rises for a sixth day as supplies tighten amid strong demand
- 23.04.2018USD rate for tomorrow announced
- 23.04.2018Brent crude price increases
- 23.04.2018Official Exchange Rates
- 20.04.2018Azerbaijani oil price rises by more than 2%
- 20.04.2018Brent crude price increases
- 20.04.2018Gold price falls by more than $4
- 19.04.2018USD rate for tomorrow announced
- 19.04.2018USD rate at today's auction announced
- 19.04.2018Azerbaijani oil price rises
- 19.04.2018Gold price goes up
- 19.04.2018Oil price increases
- 19.04.2018Official Exchange Rates
- 18.04.2018Azerbaijani oil price falls
- 18.04.2018Gold price goes down
- 18.04.2018Oil price increases
- 18.04.2018Official Exchange Rates
- 17.04.2018USD rate for tomorrow announced
- 17.04.2018Average exchange rate of manat for March announced
- 17.04.2018USD rate at today's auction announced
- 17.04.2018Azerbaijani oil price falls by more than $1
- 17.04.2018Gold price goes down
- 17.04.2018Oil price increases
- 17.04.2018Official Exchange Rates
- 17.04.2018Oil drops as Syria risk seen muted after weekend air strikes
- 16.04.2018Official Exchange Rates
- 16.04.2018Oil price decreases
- 13.04.2018USD rate for April 16 announced
- 13.04.2018Azerbaijani oil price falls by more than $1
- 13.04.2018Gold price goes up
- 12.04.2018USD rate for tomorrow announced
- 12.04.2018Gold price falls by more than $7
- 12.04.2018Azerbaijani oil price increases by about $2
- 12.04.2018Brent crude price exceeds $72
- 12.04.2018Official Exchange Rates
- 14.12.2017Gold price rockets by up to $12
- 14.12.2017Official Exchange Rates
- 14.12.2017USD rate at today's auction announced
- 13.12.2017FED increased interest rates
- 13.12.2017USD rate for tomorrow announced
- 13.12.2017Azerbaijani oil price falls