Receive our newsletter – data, insights and analysis delivered to you
July 20, 2016

Oil prices remain steady as US crude inventories decline

Oil prices have remained steady after the US Energy Department reported a drawdown of crude inventories.

By Srivani Venna

Oil prices have remained steady after the US Energy Department reported a drawdown of crude inventories.

Brent crude LCOc1 edged-up 10 cents at $47.27 a barrel, while the US West Texas Intermediate crude for September delivery CLc1 rose 12 cents at $45.87 a barrel, Reuters reported.

Data released by the US Energy Information Administration highlighted a fall in crude inventories to 2.3 million barrels in the week ending 15 July.

However, at 519.5 million barrels, the stocks are high.

"Near-term there are still some downside risks."

ABN AMRO senior energy economist Hans van Cleef told the news agency that investors were concerned by the oversupply and high inventories across the globe.

Cleef said: "Near-term there are still some downside risks.”

Content from our partners
How the North of Tyne region is leveraging its legacy to define its future
Q&A with Chevron Lubricants’ Paul Sly, global industrial OEM specialist, and Nathan Knotts, global brand technical manager
The important role of antifoam agents in oil-gas separation and amine treating

EIA report said that gasoline stocks in the US increased 911,000 barrels last week.

During July, Americans traditionally take to the road, resulting in an increase in gasoline demand.

This week, traders warned that an oversupply in refined products has worsened an outlook, which is already bleak for crude oil in the US for the rest of the year and the first half of next year. 

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU