Economy

USA oil stockpiles grow 4.6 million barrels

USA oil stockpiles grow 4.6 million barrels

Oil prices also gained support from the latest data released by industry group the American Petroleum Institute that stated a rise of 1.4 million barrels in USA crude stocks to 470.3 million against a higher expectation of 3.5 million barrels improvement.

On Friday the Organization of the Petroleum Exporting Countries and other producers meet in Vienna to discuss the progress of their deal to limit output.

OPEC and producers, including Russian Federation, have agreed to reduce output by about 1.8 million barrels per day until March 2018 to reduce global oil inventories and support prices.

Oil prices were steady on Tuesday with Brent crude future trading at $55.67 around midday while U.S. West Texas Intermediate crude futures were at $50.24.

Prices continue to be supported by last week's report from the International Energy Agency which lifted its 2017 demand outlook. "If OPEC is really still willing to commit to extending production cuts, that gives this market some room to test the upside here".

Early Wednesday, traders are showing nearly no reaction to comments from Iraq's oil minister who said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut.

XAutoplay: On | OffIraqi Oil Minister Jabbar al-Luaibi said Iraq and Ecuador think there should be another 1% cut in production and hinted that others want the cut extended.

USA crude futures climbed 1.2% to $50.09 a barrel, and Brent rose 1.2% to $55.80 per barrel. Total volume traded was about 2% below the 100-day average. The report showed that USA crude supplies climbed by 1.4 million barrels for the week-ended September 15. West Texas Intermediate (WTI) crude futures settled up 2 cents at $49.91, close to Thursday's near-four month high of $50.50."They're still working out the aftermath of the hurricanes", said John Kilduff, a partner at Again Capital Management in NY.

At $55.50 a barrel, Benchmark Brent crude was up 3 cents at 2:03 p.m. ET (1803 GMT), in an unstable session that made it stretch from a high of $55.75 a barrel to an intraday low of $54.86.

"We have more work to do to get supplies back up to normal so that should be very bullish for crude oil", Phil Flynn, senior market analyst at Price Futures Group Inc.in Chicago, said by telephone.

Although the front-month gasoline futures contract that expires next week settled little changed at $US1.6551 a gallon, later-dated contracts including the more-heavily traded November futures rose.


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