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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 rose to around $51 a barrel on Wednesday on perceptions that a price slide to 2017 lows prompted by economic worries had been overdone amid an Opec-led effort to tighten supply.
The Gulf Today
October’s production levels will be the reference point for oil output cuts for most Opec and non-Opec producers that agreed on cuts earlier this month, the UAE’s energy minister said on Sunday.
Oil prices fell more than $1 on Tuesday, dropping for a third session as reports of growing inventory and forecasts of record shale output in the United States stoked worries about oversupply.
Oman Daily Observer
A full implementation of the recent output cuts deal reached by Opec could stabilise oil markets in 2019 and reduce the risk of a decline in oil prices in the short term, analysts said.
Saudi Arabia’s energy minister held talks Monday with US Energy Secretary Rick Perry, after the Kingdom and its allies defied US pressure to cut oil production in a bid to prop up prices.