Crude oil prices fell in Asia on Thursday after a build in U.S. supplies reported by an industry group set the tone ahead of official data from the U.S. Department of Energy later in the day.
U.S. crude futures on the New York Mercantile Exchange for November delivery fell 0.66% to $49.85 a barrel.
The American Petroleum Institute late Tuesday said crude inventories rose by 2.7 million barrels last week, following a 7.6 million draw in the previous report and that capped substantial inventory draws for the previous three weeks.
A draw of 1.35 million barrels was reported at Cushing and distillates fell by 4.5 million barrels, Gasoline inventories rose by 700,000 barrels.
Overnight, U.S. oil futures were little changed on Wednesday, hovering close to a recent four-month peak, as investors eyed a fresh round of talks between OPEC producers and other oil exporters to stabilize the global oil market.
On the ICE Futures Exchange in London, the December Brent contract ended at $51.66 a barrel.
OPEC was set to hold talks with non-member oil producers on Wednesday to try to discuss the details of an agreement to cap production for at least six months as Russia lent its support for the plan.
Russian President Vladimir Putin said on Monday that his country was prepared to join an oil-output deal which may include a production freeze or cut.
However, analysts still cautioned that a deal might fall through especially as Russia's participation remained uncertain.
However, analysts still cautioned that a deal might fall through especially as Russia's participation remained uncertain.
Demand for the U.S. dollar still remained supported, as the odds for a December rate hike passed the 70% threshold on Tuesday.
Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies.
No comments:
Post a Comment