Oil turns lower on profit-taking
Oil prices turned lower on Thursday on profit-taking, to head for the first daily loss in 5 days, while today's loss is being ebbed as concerns recede about the US oversupply.
US crude fell 1.3% to $41.64 a barrel, while Brent fell 0.8% to $44.88 a barrel.
US crude rallied 1.7% on Wednesday, the fourth profit in a row, marking a five-month high at $43.50 a barrel, while Brent rose 2.25% to the highest since March at $46.22.
Oil's gains came after the US Energy Administration reported a drop in commercial inventories by 7.4 million barrels in the week ending July 31, passing estimates of a 3.4 million.
Total stocks tumbled to 518.5 million barrels, the lowest since April 10 in a positive sign for US demand.
US output fell 100 thousand bpd last week to a total of 11 million bpd, while remaining the world's top producer.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1800
|
0.0021
|
0.1757%
|
|
|
|
|
1.3071
|
0.0084
|
0.6499%
|
|
|
|
Tadawul
|
8505.18
|
18.45
|
0.22%
|
|
|
|
|
24.666
|
-0.108
|
0.436%
|
|
|
|
|
40.551
|
-0.392
|
0.956%
|
|
|
|
|
42.46
|
0.73
|
1.75%
|
|
|
|
|
1903.900
|
-8.115
|
0.424%
|
|
