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Oil Holds Gains Near 3-Year High as U.S. Crude Stockpiles Shrink


Thursday, 11 January 2018 13:26 WIB

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Oil held gains near the highest close in more than three years as U.S. crude stockpiles declined for an eighth week and production shrank the most since October.

Futures were little changed in New York after rising 3.5 percent the previous three sessions. Inventories fell by 4.95 million barrels last week, according to the Energy Information Administration. Crude stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate, extended a drop below the five-year average, while oil output slid a second time in three weeks.

Oil is extending gains after a second yearly advance as the Organization of Petroleum Exporting Countries and its allies trim supply to reduce a global inventory overhang. While U.S. output slid last week, the EIA has forecast production will rise above 10 million barrels a day as soon as next month.

WTI for February delivery was at $63.51 a barrel on the New York Mercantile Exchange, down 6 cents, at 1 p.m. in Hong Kong. Total volume traded was about 16 percent above the 100-day average. Prices gained 1 percent to $63.57 on Wednesday, the highest close since December 2014.

Brent for March settlement lost 7 cents to $69.13 a barrel on the London-based ICE Futures Europe exchange after adding 0.6 percent to close on Wednesday at the highest level since December 2014. The global benchmark crude traded at apremium of $5.78 to March WTI.

Source : Bloomberg


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