Economy

Oil holds gains on shrinking US stockpiles

Oil holds gains on shrinking US stockpiles”

The committee will next meet on October 19.In the most recent JMMC meeting on September 17, Saudi Energy Minister Prince Abdulaziz bin Salman said he's secured commitments from OPEC+ compliance laggards to make good on their pledged crude production cuts by the end of December.Oil demand hit hard by the coronavirus pandemic, will shrink 9.5 million b/d in 2020, and rebound by 6.5 million b/d next year to 96.84 million b/d, according to the latest report, which is slightly lower than 96.86 million b/d from last month's report.

Early in the day crude was boosted by a bullish stock market.

Wall Street's main indexes opened higher on Wednesday, supported by heavyweight technology stocks.

Oil prices rose slightly in early trade on Thursday after data showed U.S. crude stockpiles fell last week, adding to 2 per cent gains overnight, as OPEC and its allies were seen fully complying in September with their pact to curb output.

The American Petroleum Institute said US crude inventories fell more than expected in the latest week, according to a report released after market close on Wednesday. Analysts polled by S&P Global Platts expected the EIA to report a drop of 2.3 million barrels in US supplies for the week.

OPEC+ had 100% compliance with a pact to cut oil supply in September was seen at 102%, two OPEC+ sources told Reuters.

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While China's demand recovery is welcome, NAB's Shaw said oil demand in countries of the Organisation for Economic Co-operation and Development, which accounted for almost half of the world's consumption previous year, will need to bounce back before prices can move higher.

Not forgetting India, the world's third consumer of oil, is on track to overtake the United States on the number of COVID-19 cases, dampening the energy left for the oil bulls to keep prices fairly stable at least for now, on the bias that India is bracing for more upside on the number of COVID-19 infections as it fast approaches its major holiday season.

OPEC cut its oil demand forecast on Tuesday, citing economic dislocations caused by the virus.

US West Texas Intermediate (WTI) crude futures picked up 4 cents, or 0.1 per cent, to $41.08 a barrel at 0032 GMT, while Brent crude futures rose 5 cents, or 0.1 per cent to $43.37 a barrel.

The American Petroleum Institute industry group said USA crude, gasoline and distillate inventories all fell in the week to October 9, according to a report released after market close on Wednesday.

Oil stored at, Oklahoma, increased 2.9 million barrels compared to expectations for a build of 3.9 million barrels.



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