(MENAFN) As analysts offered mixed supply outlooks for the commodity ahead of a key OPEC meeting next week, settlement of oil prices showed on Thursday that hanging on to gains made the previous session when falling U.S. crude stocking lifted the market.
Fawad Razaqzada, market analyst at futures brokerage Forex.com said that, "Over the past 15 weeks, U.S. oil inventories have fallen ... 13 times, and in most cases, the falls were more pronounced than expected."
"Yet, U.S. crude oil inventories still remain near the upper half of the average for this time of the year."
This was in part because of steadily rising U.S. production, which has risen by almost 12 percent since mid-2016 to almost 9.4 million drums per day, traders said.
MENAFN2007201700450000ID1095641294
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.