financetom
Market
financetom
/
Market
/
Oil prices extend gains, buoyed by unexpected drop in US gasoline stocks
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Oil prices extend gains, buoyed by unexpected drop in US gasoline stocks
Jul 18, 2018 9:59 PM

Oil prices on Thursday extended gains from the previous session, buoyed after official data showed that US inventories of gasoline, diesel and heating oil unexpectedly fell last week.

Share Market Live

NSE

Brent crude futures had risen 8 cents, or 0.1 percent, to $72.98 by 0043 GMT. They climbed 1 percent on Wednesday after initially falling to the lowest in three months following the release of official production and stockpile data, which also showed a surprise build in US crude inventories.

West Texas Intermediate (WTI) crude futures climbed 20 cents, or 0.3 percent, to $68.96. They also gained about 1 percent on Wednesday.

Gasoline inventories fell by 3.2 million barrels last week, while distillate stockpiles, which include diesel and heating oil, dropped by 371,000 barrels, the Energy Information Administration (EIA) said on Wednesday.

A Reuters poll taken before the data release had forecast that gasoline stocks would be unchanged and distillate stockpiles would show a build of around 900,000 barrels.

US crude stocks rose by 5.8 million barrels last week, compared with a forecast of a decline of 3.6 million barrels.

Oil production reached a record 11 million barrels per day, the EIA said. The United States has added nearly 1 million bpd in production since November, thanks to rapid increases in shale drilling.

Oil markets have fallen over the last week as Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries and Russia increased production and as some supply disruptions eased.

OPEC and non-OPEC's compliance with oil output curbs has declined to around 120 percent in June from 147 percent in May, two sources familiar with the matter told Reuters on Wednesday.

First Published:Jul 19, 2018 6:59 AM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
TSX Sheds Early Losses, up 108 Points at Midday
TSX Sheds Early Losses, up 108 Points at Midday
Apr 2, 2025
12:30 PM EDT, 04/02/2025 (MT Newswires) -- The Toronto Stock Exchange, which opened in the red this morning, has shed its losses and is up 108 points at midday with info tech and industrials the biggest gainers. Telecoms, down 2% is the biggest decliner with BCE down 4% on last look. Rogers, which this morning announced a new 12-year deal...
EMERGING MARKETS-Latam stocks, FX sag as investors brace for US tariffs
EMERGING MARKETS-Latam stocks, FX sag as investors brace for US tariffs
Apr 2, 2025
* MSCI Latam stocks index off 0.6%%, FX slips 0.3% * Mexico lowers 2025 growth forecast * JPMorgan: over a third of EM companies to be hit by tariffs * Brazil's industrial output unexpectedly falls in February By Johann M Cherian April 2 (Reuters) - Currencies and stocks across most Latin American markets declined on Wednesday, as investors cautiously prepared...
US Equity Indexes Rise in Midday Trading as Trump Prepares to Unveil Punitive Trade Tariffs
US Equity Indexes Rise in Midday Trading as Trump Prepares to Unveil Punitive Trade Tariffs
Apr 2, 2025
12:33 PM EDT, 04/02/2025 (MT Newswires) -- US equity indexes rose amid gains in government bond yields in midday trading on Wednesday ahead of the Trump administration's tariff announcements later this afternoon. The Nasdaq Composite rose 0.8% to 17,586.9, the S&P 500 climbed 0.5% to 5,659.8, and the Dow Jones Industrial Average traded 0.4% higher at 42,135.1. Consumer discretionary led...
US STOCKS-Wall Street steadies ahead of Trump's tariff plans
US STOCKS-Wall Street steadies ahead of Trump's tariff plans
Apr 2, 2025
* Indexes up: Dow 0.2%, S&P 500 0.2%, Nasdaq 0.4% * Trump's tariff announcement at 4:00 p.m. ET * ADP, factory orders beat estimates * Tesla turns higher after reports Musk to leave govt role (Updates with midday trading prices) By Sruthi Shankar and Pranav Kashyap April 2 (Reuters) - U.S. stock indexes recovered from morning losses to trade modestly...
Copyright 2023-2026 - www.financetom.com All Rights Reserved