Oil Prices Near Flat Amid Fall in U.S. Inventory
Thursday, 18 April 2019 13:11 WIB |
ENERGY |Minyak jenis BrentMinyak WTI Berjangka
Oil prices traded near flat after the Energy Information Administration (EIA) reported the first drawdown in crude stocks in four weeks.
U.S. Crude Oil WTI Futures last traded at $63.80 by 1:35 AM ET (05:35 GMT), while international Brent Oil Futures was unchanged at $71.61.
The EIA also reported that gasoline inventories declined by 1.17 million barrels, compared to expectations for a draw of 2.13 million barrels.
Distillate stockpiles, however, dropped by just 0.36 million barrels, compared to forecasts for a decline of 0.85 million.
Oil prices have been supported this year by an agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to reduce their oil output by 1.2 million barrels per day since the beginning of 2019.
The oil market is also supported by steady economic growth in China.
Its economy grew by 6.4% in the first quarter, official data showed on Wednesday. Analysts had expected growth to slow to 6.3%.
Meanwhile, U.S. sanctions on OPEC members Venezuela and Iran were also cited as tailwind for oil prices.