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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.
Deputy Prime Minister and Minister of State for Cabinet Affairs Anas Al-Saleh on Tuesday lauded the key role undertaken by the Organization of Petroleum Exporting Countries (OPEC) for achieving the c
Brent crude oil shed some of its recent gains by falling just over $1 a barrel on Tuesday but healthy demand underpinned prices near $70 (Dh257), a level not seen since 2014’s market slump.
The expected drop in OECD inventories suggests that oil prices will likely be higher in 2018 than originally seen and Brent crude oil price is projected to reach $64 per barrel (/bbl) this year, said
The Sultanate has urged international producers to work in coordination to help sustain resurgent global oil prices that have soared to $70 per barrel for the first time since the calamitous slump of
Oman Daily Observer
Oil’s rise to $70 a barrel for the first time in three years had clear triggers as supplies tighten and demand climbs, yet it still surprised many traders because there were so many reasons for price