GulfBase Live Support
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 posted a third weekly loss on Friday, as Saudi Arabia’s reassurances that it won’t flood the global crude market failed to offset a 4.2 per cent price drop at the start of the week.
Oil prices were mixed on Thursday as the market struggled to digest signs of strong gasoline demand in the US, the world’s biggest consumer of the fuel, with a statement from oil producers that they
Oil traded below $68 (Dh249) as investors weighed the prospect of shrinking US inventories against more supply from Saudi Arabia and America’s emergency hoard.
Futures in New York declined
The price of Kuwaiti oil went up 74 cents Monday to $71.79 per barrel (pb), after being at $71.05 pb Friday, said Kuwait Petroleum Corporation (KPC) on Tuesday. On the global scale, the oil price fal
Oil retreated below $70 (Dh257) a barrel as Saudi Arabia was said to offer extra crude to some customers, while the US was said to consider tapping emergency supplies to offset losses elsewhere.