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USA oil extends gains after crude inventories decline

26 August, 2018, 20:53 | Author: Lawrence Cooper
  • Oil Prices Gain on Falling U.S. Inventories

Brent crude oil futures LCOc1 were at $75.07 per barrel at 0424 GMT, up 34 cents, or 0.5 percent, from their last close.

A weaker USA dollar makes oil, which is priced in dollars, less expensive to buyers in other currencies.

Crude oil prices were in rally mode before the start of US trading after signs of another drain on domestic oil and gasoline inventories.

Despite the logistics changes, China, the largest Iranian oil buyer, has said it won't halt purchases as requested by the U.S. India, the second biggest purchaser of Iranian crude, has also adapted to the changes, contracting NITC to carry and deliver its supplies.

A trade standoff between the United States and China continues to weigh on crude prices.

US energy companies cut nine oil drilling rigs this week, the biggest reduction since May 2016, General Electric Co's (GE.N) Baker Hughes energy services firm said.

The strength of the greenback has an inverse relationship to the price of crude oil. Saudi Arabia told Opec it cut supply in July, rather than increasing output as expected.

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Worldwide markets were more cautious as the ongoing trade spat between the United States and China was seen as a drag on economic growth, traders said.

Data released Wednesday by the U.S. Energy Information Administration revealed crude inventories declined by 5.8 million barrels in the last week, compared with analysts' expectations for an decrease of 1.5 million barrels.

Iran is the third-biggest producer in the Organization of the Petroleum Exporting Countries, supplying around 2.5 million barrels per day (bpd) of crude and condensate to markets this year, equivalent to around 2.5 percent of global consumption.

Both oil benchmarks saw low liquidity during early trading on Friday.

U.S. crude inventories fell 5.8-million barrels last week, the Energy Information Administration (EIA) said, more than the 1.5-million-barrel draw forecast by analysts polled by Reuters. According to a survey whose results were compiled by Bloomberg, stockpiles at the Cushing, Oklahoma storage hub went up by 900,000 barrels in the previous week.

Meanwhile, a Chinese trade delegation is in Washington to discuss trade disputes with the U.S. side. It came second to the US port district of Chicago, at 19 percent.

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