Oil Futures Consolidate After Overnight Rises
October 18 2017 - 11:28PM
Dow Jones News
By Lucy Craymer
--Oil futures are largely unchanged in Asian trading on Thursday
as prices consolidate after rising in overnight trading.
--November Nymex light, sweet crude oil on the New York
Mercantile exchange was recently flat at $52.04 a barrel in the
Globex trading session. December Brent was also unchanged at
$58.14.
--The market remains focused on events in Iraq as reports
suggest that production disruptions are building and inventories at
the Ceyhan port are being drawn down quickly.
--The focus on geopolitical tensions is taking away from the
inventory report from the U.S. Energy Information Administration,
which showed an unexpected draw from U.S. crude stockpiles. The EIA
reported Wednesday that crude inventories fell by 5.7 million
barrels last week, more than the 3.2 million barrels that analysts
were expecting, according to a survey by The Wall Street
Journal.
Write to Lucy Craymer at lucy.craymer@wsj.com, @lucy_craymer
(END) Dow Jones Newswires
October 18, 2017 23:13 ET (03:13 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.