Crude prices rebound on inventory data
On Thursday, oil futures moderated during early Asia trade, as market participants took profits from earlier bets and trading was about to stay tepid as a weeklong holiday break isn’t over in China, the region’s number one crude consumer.
In New York, November delivery light, sweet crude futures were worth $49.50, tumbling $0.33. Additionally, in London, December delivery Brent futures dropped $0.34, reaching $51.52 per barrel.
US-traded crude prices added more than 2% overnight right after the US Energy Information Administration’s latest data revealed that American crude supplies dived by 3 million barrels by September 30. The surprise dip brought the total inventories to about 499.7 million barrels, the lowest outcome since January.
The sag was especially encouraging due to the fact it arose during refineries’ maintenance season, the time when oil inventories tend to build due to less demand.
The refinery utilization rate was edged down from 93% to 88.3% two weeks ago.