27/09/2017 16:36 AST

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.


RTT News

Ticker Price Volume
QNBK 157.50 352,884
WALAA 31.00 26,696
STC 87.10 213,661
EXTRA 69.20 153,846
EEC 20.66 4,652,399
DIB 4.75 3,660,228
TAWUNIYA 64.00 109,104
(In US Dollar) Change Change(%)
Brent 76.44 -2.35 -2.98
WTI 67.88 -2.83 -4
OPEC Basket 76.62 0.19 0.25
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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

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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 f

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