NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Oil lower on profit-taking after stockpile draw

Published 20/10/2016, 12:39
DX
-
LCO
-
CL
-

Investing.com – Oil was lower Thursday on profit-taking after a big drawdown in U.S. crude stocks.
U.S. crude was down 49 cents, or 0.95% at $51.33 at 07:00 ET after settling at a 15-month high.
Brent crude for December delivery fell 50 cents, or 0.95%, to $52.17.
Official Energy Information Administration (EIA) weekly figures Wednesday showed a 5.2 million barrel fall in U.S. crude inventories to 468.7 million.
Sentiment remains upbeat on hopes that OPEC will seal a planned cut in output at its meeting in Vienna on November 30.
Saudi Energy Minister Khalid al-Falih said Wednesday the planned curb would help reduce the global supply glut.
Baker Hughes rig count figures are due out Friday. Higher prices could encourage an increase in U.S. shale activity.
The dollar index was higher. A stronger dollar depresses demand for oil.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.