Oil advanced as U.S. government data showed crude stockpiles unexpectedly fell in the world biggest oil consumer.
Futures climbed as
much as 1.6 percent in New York, paring losses after a 1.8 percent drop
on Wednesday. Inventories fell by 5.45 million barrels to 450.8 million,
according to an Energy Information Administration report, compared with
an increase of 1.45 million forecast in a Bloomberg survey. The
nation’s output slipped for a third week, the EIA said.
Oil has fluctuated
below $40 a barrel this week amid volatility in global financial and
commodity markets on concern China’s fuel demand will falter. Crude is
still down more than 35 percent from this year’s closing peak in June on
signs the global glut will be prolonged as leading OPEC members sustain
production and U.S. crude stockpiles remain about 90 million barrels
above the five-year seasonal average.
West Texas
Intermediate for October delivery rose as much as 61 cents to $39.21 a
barrel on the New York Mercantile Exchange and was at $39.03 at 8:43
a.m. Sydney time. The contract slid 71 cents to $38.60 on Wednesday. The
volume of all futures traded was about 47 percent below the 100-day
average. Prices have decreased 27 percent this year.
Brent for October
settlement lost 7 cents, or 0.2 percent, to $43.14 a barrel on the
London-based ICE Futures Europe exchange on Wednesday. The European
benchmark crude ended the session at a premium of $4.54 to WTI.
Source : Bloomberg
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