Oil prices steady on OPEC cuts; US fuel stocks rally
Shital Jibhe / 16 Feb 2017
Oil prices held steady on Thursday, supported by ongoing supply cuts led by producer group Organisation of the Petroleum Exporting Countries (OPEC). Oil prices held its position despite rising fuel inventories and crude production in US.
Oil prices held steady on Thursday, supported by ongoing supply cuts led by producer group Organisation of the Petroleum Exporting Countries (OPEC). Oil prices held its position despite rising fuel inventories and crude production in US. Brent crude futures at 02:09 GMT were trading at USD 55.73 per barrel down by 2 cents from its previous close.
US West Texas Intermediate (WTI) crude futures, was down 4 cents at USD 53.07 per barrel. The OPEC and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, and estimates suggest compliance by OPEC is around 90 per cent.
In the last week, US crude oil and gasoline inventories rallied to record highs mainly due to the softening of gasoline demand and output cut by refineries. Also till February 10, Crude inventories rose 9.5 million barrels, which was more that the expectations of analysts.
Both Brent and WTI crude futures have traded within USD 5 per barrel price range since the start of the year.
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