LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Oil edges up on eighth weekly U.S. crude stock drawdown

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Aug 23, 2017
08:53 pm
Reuters
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Oil prices rose slightly Wednesday after U.S. crude inventories declined for the eighth straight week and U.S. crude production increased only slightly.

Brent crude futures rose 19 cents to $52.06 a barrel by 10:37 a.m. EDT (1437 GMT), while U.S. West Texas Intermediate crude futures were trading at $47.86, up 3 cents.

U.S. crude inventories fell 3.3 million barrels last week, compared with analyst expectations for an decrease of 3.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell 503,000 barrels, the Energy Information Administration said.

"Oil inventories continue their downward trend despite a significant increase in crude oil imports this week," said Andrew Lipow, president of Lipow Oil Associates in Houston, Texas.

Still he said, the market is shrugging off the inventory draws, which are approaching 75 million barrels since March, plus another 15 million in the U.S. Strategic Petroleum Reserve.

"It continues to wait to see more confirmation from around the world that inventories are indeed declining," Lipow said.

Production from Libya`s Sharara oilfield, the conflict-riven country`s largest, has been seesawing. The field remained shut on Wednesday, two Libyan oil sources told Reuters. The field had restarted at least once on Tuesday amid conflicting reports about whether it had reopened.

"(The) flood of news reports makes it clear that the situation in Libya is still chaotic and that conditions in the country are still far from normal," Commerzbank analysts wrote.

Sharara recently reached output of 280,000 barrels per day (bpd), but closed this week due to a pipeline blockade. Its production is key to Libya`s oil output, which surged above 1 million bpd in late June, about four times its level last summer.

Libya`s rising output is a headache for the Organization of the Petroleum Exporting Countries, which together with non-OPEC producers including Russia has pledged to cut around 1.8 million bpd of supplies between January this year and March 2018 in an attempt to remove a global glut.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

Garena Free Fire OB27 update: Check early patch notes, confirmed features, upcoming changes and more NOW

Gold Price today 15-04-2021: Rs 50,000! What should you do as Corona pandemic rages; expert REVEALS

Stocks in Focus on April 15: Infosys, Tata Metaliks, NFL, AB Capital to Bharti Airtel; here are the 5 Newsmakers of the Day

Anil Singhvi’s Strategy April 15: Day support zone on Nifty is 14,450-14,500 & Bank Nifty is 31,100-31,300

Gujarat Board Latest Exam News: Will GSHSEB POSTPONE HSC SSC exams? Class 10, class 12 board exam candidates, DON'T MISS to check details here

Asus ZenBook Duo (UX482) review: Decent dual-screen laptop, good performer

YES Bank stock! Expert suggests Rs 17-18 target price for this lender

Happy Bengali New Year 2021: Send best Shubho Noboborsho 2021 Whatsapp messages, wishes, quotes and more

Infosys results TODAY: Expert pegs target price at Rs 1560-Rs 1600

ICSE Class 10, Class 12 exam 2021: After CBSE cancels Class 10 exam, CISCE to soon take decision on ICSE board exams 2021

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved