Oil held a gain above $54 a barrel as a drop in U.S. fuel inventories countered an increase in crude stockpiles and another tweet from President Donald Trump calling for lower prices.
Futures in New York were little changed on Thursday. Prices rebounded 2.3 percent on Wednesday from the lowest level in more than a year after government data signaled steady fuel demand with declines in gasoline and distillate inventories even as crude stockpiles rose for a ninth straight week. Meanwhile, Trump in his tweet thanked Saudi Arabia for lower oil prices, but also said “let’s go lower!”
WTI for Jan. delivery falls as much as 13c to $54.76/bbl on Nymex, trades at $54.62/bbl at 9:16am in Tokyo. Contract +$1.20 to $54.63 on Wednesday. Total WTI volume traded Thursday was 67% below 100-day average.
Jan. Brent +95c to close at $63.48/bbl on ICE Futures Europe exchange on Wednesday. Brent ended session at $8.85 premium to WTI.
Source : Bloomberg