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Oil Prices Maintain Gains After US Crude Inventories Draw Down

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A view of Marathon Petroleum Corp’s Los Angeles refinery in Carson, Calif., April 25, 2020.

Robyn Beck | AFP | Getty Images

Oil prices edged up on Thursday, extending their gains by 2% from the previous session, after data showed US crude inventories fell last week, as OPEC and its allies complied to their production reduction pact in September.

U.S. West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.2%, to $ 41.12 a barrel at 4:30 a.m. GMT, while Brent futures rose 7 cents cents, or 0.2% to $ 43.39 a barrel.

Oil markets climbed for a third day despite a resurgence of Covid-19 infections in Europe, which could reduce demand for fuel.

“Energy markets are certainly heading for their own beater right now,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking, adding that the recent volatility in oil prices may have attracted more. of traders positions.

The American Petroleum Institute industry group said U.S. inventories of crude, gasoline and distillates all fell in the week to Oct. 9, according to a report released Wednesday after the market closed.

Inventories of crude decreased by 5.4 million barrels, while inventories of distillate, which includes diesel and fuel oil, decreased by 3.9 million barrels. These withdrawals were almost double the expectations of analysts in a Reuters poll.

“Much of the decline is due to the effects of Hurricane Delta blocking US production in the Gulf of Mexico, and as such, will be a transient effect,” said Jeffrey Halley, senior market analyst, Asia. Pacific at OANDA.

“Therefore, I’m not too excited that a change of direction is in the markets, although both contracts are approaching important areas of technical resistance.”

Brent could retreat to $ 42.55 a barrel after failing to break resistance at $ 43.44, Reuters technical analyst Wang Tao said Thursday.

The US Energy Information Administration is due to release its weekly data Thursday, a day later than normal after a holiday.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC +, stuck to their agreement to cut oil supply by 102% in September, two OPEC + sources told Reuters before an OPEC + technical committee meeting on Thursday to review the oil market.

ANZ Research pointed to sharp increases in China’s crude oil imports in September and purchases by Indian refiners ahead of two big festivals helping to support the market.

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