Oil Prices Hold Gains After U.S. Inventory Drawdown
Thursday, 29 August 2019 08:19 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil prices clung to gains on Thursday after official data confirmed a big drop in U.S. crude inventories, helping ease concerns about weakening demand, but worries about wider economic growth held prices in check.

U.S. crude was up by 6 cents, or 0.1%, at $55.84 a barrel, while Brent crude was down 7 cents, or 0.1%, at $60.42 a barrel by 0011 GMT after rising for two days. Oil prices rose around 1.5 percent in the previous session.

U.S. crude oil inventories fell last week by 10 million barrels, compared with analysts™ expectations for a decrease of 2.1 million barrels, as imports slowed, the Energy Information Administration said.

U.S. gasoline stocks fell by 2.1 million barrels, compared with analysts™ expectations in a Reuters poll for a 388,000-barrel drop.

Distillate stockpiles which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 918,000-barrel increase, the EIA data showed.

Source : Reuters

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