Crude Oil Prices Recover From Supply Data but Gains Limited

Crude Oil Prices Recover From Supply Data but Gains Limited© Reuters. Crude regains some ground but supply data still weighs – Crude moved higher on Thursday, recovering from losses posted after the previous session’s downbeat U.S. supply data, although gains remained limited.

The U.S. April contract was up 12 cents or about 0.20% at $61.27 a barrel by 03:40 a.m. ET (07:40 GMT).

Elsewhere, for May delivery on the ICE Exchange in London added 12 cents or about 0.16% to $64.44 a barrel.

The U.S. reported on Wednesday that crude oil inventories rose by for the week ended March 2.

Article continues below Advertisement...

While that was below expectations for a rise of 2.723 million barrels, it was the second-straight weekly build in crude , adding to concerns that rising U.S. output could dampen global efforts to rid the market of excess supplies.

The earlier in the week, saying the country would be producing a total of nearly 17 million barrels per day (bpd) in 2023.

U.S. crude oil production has already surpassed that of top exporter Saudi Arabia to 10.28 million bpd.

The Organization of the Exporting Countries (), along with some non- members led by Russia, agreed in December to extend oil output cuts until the end of 2018.

Markets were also jittery as U.S. President Donald Trump was expected to give more details later Thursday on his plans to impose tariffs of 25% on steel imports and 10% on aluminum imports in a recommitment to his nationalist trade agenda.

Sentiment waned after Trump’s economic adviser Gary Cohn announced on Tuesday. The decision was said to have been made following a disgreement between Cohn and the U.S. President over the import tariffs.

Traders fear that the proposed tariffs could spark inflation and provoke retaliation from U.S. trade partners. Major holders of U.S. Treasuries, including China and the , could reduce their holdings of U.S. assets in response.

The White House said late Wednesday that , Mexico and possibly other countries may be exempted at least for a while from the proposed tariffs.

Elsewhere, fell 0.23% to $1.913 a gallon, while held steady at $2.776 per million British thermal units.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here