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Crude oil futures hold gains after Fed sits pat on rates, inventory build

Published 2015-10-28, 09:19 p/m
Crude oil futures hold gains after Fed sits pat on rates, inventory build
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TOKYO, Oct 29 (Reuters) - Crude futures held on to strong
gains in early Asian trading on Thursday, after the U.S. Federal
Reserve kept rates unchanged and a weekly government report on
oil stockpiles showed an inventory build that was within
expectations.
U.S. and global oil benchmarks were little changed, having
jumped on Wednesday after the government report on inventory
build reversed earlier bearish market expectations.
U.S. crude futures CLc1 were down 7 cents at $45.87 a
barrel at 0100 GMT. They rose more than 6 percent on Wednesday,
snapping three days of losses.
Brent crude LCOc1 was down 15 cents at $48.90 a barrel,
after rising nearly 5 percent in the previous session.
U.S. crude stocks rose last week, while gasoline and
distillate inventories fell more than expected, data from the
Energy Information Administration showed on Wednesday.
urn:newsml:reuters.com:*:nL1N12S1DS
Inventories rose in line with traders expectations but the
buildup was less than the 4.1 million barrel increase reported
by industry group, the American Petroleum Institute, a day
earlier.
Stockpiles at the Cushing, Oklahoma delivery hub for U.S.
futures fell 785,000 barrels, giving a bullish tone to the
report. Gasoline and distillate inventories also fell more than
expected.
The U.S. Federal Reserve kept interest rates unchanged on
Wednesday and in a direct reference to its next policy meeting
put a December rate hike firmly in play. Investors had expected
the Fed to remain pat on rates, but the overt reference to
December came as a surprise. urn:newsml:reuters.com:*:nL1N12R2IF


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