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U.S. crude holds below $50 as weekly stockpiles rise

Published 2015-07-22, 09:36 p/m
© Reuters. U.S. crude holds below $50 as weekly stockpiles rise
USDIDX
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SINGAPORE, July 23 (Reuters) - Oil prices held steady in
early Asian trade on Thursday, with U.S. crude trading below $50
a barrel near its lowest in more than three months as rising
U.S. stockpiles and a strong dollar weighed on the contract.
U.S. crude for September delivery CLc1 was 4 cents higher
at $49.23 by 0112 GMT, after dropping $1.67 on Wednesday to
settle below $50 for the first time since April. Brent crude
LCOc1 was trading 10 cents lower at $56.03 a barrel.
Crude oil stocks in the United States rose 2.5 million
barrels last week to above the five-year seasonal average, data
from the Energy Information Administration (EIA) showed,
contrasting with expectations of a 2.3 million-barrel drawdown.
Crude stocks at the Cushing, Oklahoma, delivery point for
the U.S. crude contract, also rose, the EIA said. EIA/S
The dollar eased .DXY but held near a three-month high,
making oil and other dollar-denominated commodities expensive
for holders of other currencies.
Brent has shed about 12 percent this month on concerns about
demand and the possibility that the Iranian nuclear deal could
lead to higher supply.
Still, OPEC delegates from Gulf states and other nations say
the drop in prices is likely to be short-term and will not
deflect the cartel from its policy of keeping output high to
defend market share. ID:nL5N10139W
Brent's premium to the U.S. benchmark CL-LCO1=R stood at
$6.8 a barrel, widening more than $3 this month.

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