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Oil Holds Gains on U.S. Crude Inventory Down as OPEC+ Cut Supply


Thursday, 28 February 2019 08:09 WIB

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Oil held gains after jumping by the most in almost a month after government data showed a surprise drop in U.S. crude stockpiles as OPEC and allies cut supplies.

Futures in New York were little changed after a 2.6 percent gain on Wednesday. U.S. crude inventories fell for the first time in six weeks with imports dropping to the lowest in 23 years as shipments from Saudi Arabia and Venezuela declined, Energy Information Administration data Wednesday showed. Meanwhile, Saudi Arabia signaled OPEC may continue production cuts in the second half of this year.

Crude inventories in the U.S. fell 8.65 million barrels last week, the EIA reported, compared with expectations for a 3 million-barrel gain. U.S. crude production rose to a record 12.1 million barrels a day.

U.S. Gulf refiners are bidding up prices for Colombian crude amid sanctions on Venezuelan imports, historically one of America’s top oil suppliers

WTI for April delivery trades at $56.96/bbl on Nymex, +2c, at 9:12am in Tokyo. Contract +$1.44 to $56.94 on Wednesday.

April Brent, which expires Thursday, +$1.18 to $66.39/bbl on ICE Futures Europe exchange on Wednesday.

Source : Bloomberg


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