An oil pump is seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018.
West Texas Intermediate (WTI) crude Clc1 had climbed 93 cents, or 1.6%, to $58.76 by 0652 GMT, having earlier risen to $58.84.
Brent crude futures were up $1.42 at $65.58, but below a session high of $65.69.
The American Petroleum Institute yesterday said US crude stockpiles fell by 8.1M barrels to 461.4M barrels, compared with analyst expectations for a decline of 3.1M barrels; official USA government data are due later this morning.
In its monthly forecast on Tuesday, the U.S. Energy Information Administration (EIA) cut its 2019 world oil demand growth forecast by 150,000 barrels per day to 1.07 million bpd.
Meanwhile big oil companies began evacuating and shutting in production in the Gulf of Mexico after weather forecasts warned that a tropical disturbance might become a storm later on Wednesday or Thursday.
"Prices are finely balanced right now as investors await fresh stimulus", said Fawad Razaqzada, technical analyst at FOREX.com.Читайте также: US Women’s National Team’s victory parade in NY
Some oil market observers believe if the USA and China can truly produce a workable trade accord for the world's two largest economies, demand would be sufficient to carry crude back to $75 per barrel.
The Gulf of Mexico is home to 17% of USA crude oil outputwhich stands at around 12 million barrels per day (bpd). Exxon MobilXOM.N said it was "closely monitoring " the disturbance to determine if its facilities might beaffected.
Supporting prices was an Iranian military official's comments that Britain's seizure last week of an Iranian oil tanker off the coast of Gibraltar will not be "unanswered", according to the semi-official Tasnim news agency. Brent has risen almost 20% in 2019, supported by the pact and tensions in the Middle East, especially the row over Iran's nuclear program.
Hedge funds offered new Brent futures and choices final week as issues in regards to the world economy trumped the decision by the Organization of the Petroleum Exporting Countries and its allies to extend output cuts. -China trade war that has rumbled on over the previous year.
OPEC, pressured by United States output, abundant global crude supplies and weak oil demand growth, agreed last week to extend by nine months daily oil output cuts first announced in December aimed at supporting prices and soaking up excess supplies.
In the meantime, Goldman Sachs mentioned growth in US shale production was more likely to outpace that of worldwide demand at the least using 2020, limiting gains in oil prices regardless of output curbs led by OPEC.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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