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

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U.S. oil prices end higher after biggest weekly drop in U.S. crude supplies since January

Prices for U.S. benchmark oil futures settled with a gain Wednesday, at a nearly one-week high, after U.S. government data revealed the biggest weekly decline in U.S. crude supplies since January. Global benchmark Brent crude prices, however, finished lower as traders monitored comments from major oil producers gathering for the much-anticipated Organization of the Petroleum Exporting Countries meeting at the end of the week. The U.S. Energy Information Administration reported Wednesday that crude supplies dropped by 5.9 million barrels for the week ended June 15. Click Read More below for additional information.
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