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Crude oil prices were flat Wednesday morning, holding recent gains after industry data showed a surprise drop in US crude oil inventories.
Domestic stockpiles fell by 761,000 barrels at the end of last week, the American Petroleum Institute (API) estimated Tuesday, compared with a 2 million barrels build expected.
The EIA is out with the government's official data this morning at 10:30 am ET.
WTI light sweet crude oil was up 1 cent at USD51.90 a barrel, having touched the highest since April.
On the economic front, the Commerce Department's Durable Goods Orders for August will be issued at 8.30 am ET. The economists are looking for growth of 1.5%.
The National Association of Realtors' Pending Home Sales Index for August will be published at 10.00 am ET. The consensus is for a decline of 0.2%, narrower than 0.8% in the prior month.
Oil consumers agree that the price level of $80 per barrel is too high and has to be adjusted soon. This is what OPEC and Russia are doing to bring order to the oil markets and some relaxation on the
Oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran. A surprise build up in crude oil inventories in
Oil prices edged lower on Wednesday with the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs.
Brent crude prices traded more than $78 (Dh286.49) per barrel, while West Texas Intermediate (WTI) advanced toward $72 a barrel as Venezuela’s election results escalated the risk of US sanctions agai
Forget Iran and Opec (Organization of Petroleum Exporting Countries) - there’s another issue that will keep oil prices supported for the next two years, reported Bloomberg, citing senior analysts of