Oil Finds Relief in Surprise US Stockpile Draw and Trade Hopes

Oil Finds Relief in Surprise US Stockpile Draw and Trade Hopes

The active U.S. rig count unexpectedly declined by 2 last week, with a 7 site drop in oil rigs, bringing the overall total to 979 sites.

Brent for June settlement added 28 cents to $68.30 a barrel on the London-based ICE Futures Europe exchange.

The global benchmark crude traded at a US$4.70 premium to June WTI.

The net long position in futures and options tops 600 million barrels of oil, the data shows, meaning that in the event of a sharper drop in price, sellers may find a dearth of buyers. West Texas Intermediate, the USA benchmark, was down 0.21 percent to $63.24 per barrel.

Oil prices have fallen around two per cent today after global stock markets were rocked by China's decision to slap retaliatory tariffs on United States goods. Oil held near US$63 a barrel after U.S. crude stockpiles declined and trade tensions between the USA and China showed tentative signs of easing.

Wednesday's weekly inventory figures showed that USA crude stocks unexpectedly declined by 4.6 million barrels in the most recent week.

Ousted South Korean President Sentenced To Two Dozen Years In Prison
Park was South Korea's first female head of state and the first elected leader to be ousted when she was impeached previous year . President Moon Jae-in came to office previous year on a drive to wipe out what he calls "deep-rooted evil" across society.

USA crude inventories fell by 4.6 million barrels last week, compared with analysts' expectations for an increase of 246,000 barrels, EIA data showed on Wednesday. Analysts surveyed by The Wall Street Journal expect on average that crude stocks increased by 1 million barrels in the week ended March 30.

USA crude production hit a new high, but that was not enough to change the overall bullishness of the report, said Baruch.

Gasoline inventories fell in the reporting period by 1.1 million barrels, after a weekly draw of 3.5 million barrels in the prior week, and distillate stockpiles moved higher by 500,000 barrels. Output from the Organisation of Petroleum Exporting Countries dropped to the lowest in a year in March.

The energy minister of OPEC member Qatar told Reuters that the organization and its allies should maintain supply cuts, which are set to run until the end of 2018.

Though this was largely thanks to the inexorable slide in Venezuela's oil production, figures are figures and the market is prone to take them at face value.

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