Investing.com - Financial Markets Worldwide

REFILE-Oil rebounds, shrugging off U.S. stockpile build

Published 2015-10-07, 11:39 p/m
© Reuters. REFILE-Oil rebounds, shrugging off U.S. stockpile build
LCO
-
CL
-

(Corrects typo in headline)
TOKYO, Oct 8 (Reuters) - Crude oil futures rose in early
Asian trade on Thursday, shrugging off a surprise build in U.S.
inventories as some Chinese traders returned following a
weeklong National Day holiday period.
U.S. crude stocks rose by 3.1 million barrels to 461 million
last week as refineries reduced production and idled capacity.
Analysts had expected an increase of 2.2 million barrels.

Both major oil benchmarks rose more than 1 percent on
Thursday although trading was thin in the early part of the
Asian session. With China open for business trading is likely to
more volatile in commodities, ANZ said in a morning note.
U.S. crude CLc1 was up 50 cents, or 1.05 percent, at
$48.31 at 0039 GMT. The contract fell 1.5 percent on Wednesday
after three days of gains.
Brent crude LCOc1 , the global oil benchmark, was up 53
cents, or 1.03 percent, at $51.86 a barrel, after falling 1.1
percent on Wednesday.
With little data out this week, apart from industry and
government inventory numbers, and China on holiday for the first
three days, the market has focussed on longer-term demand trends
that have supported prices.
A U.S. Energy Information Administration report on Tuesday
predicted global oil demand for 2016 would rise by the fastest
rate in six years, suggesting the crude surplus that has pushed
prices down about 50 percent since June last year is easing
faster than expected.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.