Oil futures edge up after US inventory drawdown

Oil futures tilted higher as the dollar index hit the highest in a week, following a basket of data from the Us, the world's largest energy consumer, including the EIA report that showed a larger-than-expected inventory drawdown, while markets price in the crisis in independence-seeking Kurdistan and US president Trump's position towards the Iran nuclear deal. 

As of 06:34 GMT, US crude futures due on November 15 rose 0.23% to $52.00 a barrel from the opening of $51.88, while Brent crude futures due on December 15 advanced 0.35% to $58.08 a barrel from the opening of $57.88, as the dollar index added a measly 0.02% to 93.50 from the opening of 93.48.

Earlier from the US, Federal Reserve Bank of New York President William Dudley participated in a panel discussion titled "Dallas and New York as Centers of Growth" at an event jointly hosted by the Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York, in New York.

Earlier US data showed housing starts and building permits fell more than expected in September, as markets look forward to the Beige Book later today, which derives its importance from being released two weeks before the Federal Open Market Committee, and lays the background for policymakers' decisions and directions in order to stimulate the economy. 

More pertinently, the Energy Information Administration released its report on US crude stocks, showing a drawdown of 5.7 million barrels in the week ending October 13, adding to a 2.7M drop in the previous reading, while analysts expected a 4.7M decline, with total stocks now reaching 456.5 million barrels, remaining within the uppermost range on average in this time of year. 

Additionally, gasoline stocks in the world's largest energy consumer rose 0.9 million barrels, remaining within the uppermost range on average in this time of year, while distillate stocks, including heating fuel, rose 1.5 million barrels, remaining within the downward range on average in this time of year.