Crude oil prices gained in Asia on Thursday with the market shrugging off downbeat USA weekly inventory data on refined products and taking benchmarks higher after sharp falls overnight.
Oil prices rise on Thursday after sharp losses on Thursday as traders continue to assess data on energy stockpiles in the United States. The motor fuel inventories were also rising and were also pulling the prices up after succeeding lackluster performance.
Oil prices increased by 18% since the beginning of September and can complete the climb for the second year in a row amid restrictions in OPEC production+.
Furthermore, oil prices yesterday were down and stumbled on its worst day for over two months.
Futures price for WTI crude oil for January in electronic trading on the NY Mercantile exchange (NYMEX) has increased by this time to $0,19 (0,34%) to $56,15 per barrel. The likes of West Texas Intermediate futures were down by a massive 2.9% on the single trading session.
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On the other hand, the Brent crude futures were also up by incredible amounts; the global benchmark for oil prices was tallied to be at $61.28 a barrel, climbing a total of 6 cents after its bearish run yesterday.
The West Texas Intermediate for January delivery decreased 1.66 USA dollars to settle at 55.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery lost 1.64 dollars to close at 61.22 dollars a barrel on the London ICE Futures Exchange. On the other hand, the total volume traded was tallied to be at 16% above the 100-day average.
Crude oil prices came under pressure after a mostly bearish Energy Information Agency (EIA) inventory report showed crude stockpiles fell more-than-estimated, but inventories of both gasoline and distillates rose more-than-expected. The experts surveyed now expect Brent Crude to average $58.84 a barrel next year, compared to a forecast of $55.71 per barrel for 2018 in the previous Reuters poll conducted at the end of October.
US crude production rose to 9.7 million barrels per day, another weekly record, though short of all-time records reached in the 1970s.