Oil Halts Slide Near $48 on Signs U.S. Stockpiles Extended Drop

Futures rose 0.5 percent in New York after slipping a second session Tuesday. Inventories dropped by 9.2 million barrels last week, the American Petroleum Institute was said to report. If that is replicated in government data Wednesday, it would be the largest drop in almost a year. Output from Libya is rebounding as its biggest field boosts production and a port reopens.

OPEC won’t clear the global glut any time soon since any increase in price continues to bolster rival production from U.S. shale, according to the International Energy Agency.

West Texas Intermediate for September delivery was at $47.82 a barrel on the New York Mercantile Exchange, up 27 cents, at 9:46 a.m. in London. Total volume traded was about 9 percent below the 100-day average. Prices lost 4 cents to $47.55 on Tuesday.

Brent for October settlement gained 36 cents, or 0.7 percent, to $51.16 a barrel on the London-based ICE Futures Europe exchange. Prices climbed 7 cents to $50.80 on Tuesday. The global benchmark crude traded at a premium of $3.20 to October WTI.
more at:  https://www.bloomberg.com/news/articles/2017-08-15/oil-halts-slide-near-48-on-signs-u-s-stockpiles-extended-drop