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Oil stores plus by reducing the stock in the U.S., the exports of Saudi Arabia

Oil prices surrendered most of the day's gain, but kept a plus on Thursday's evening trading due to a steady decline in U.S. commodity stocks and Saudi Arabia's cuts in supplies in September.

10.Aug.17 1:30 PM
By Daria Zaytseva


Oil stores plus by reducing the stock in the U.S., the exports of Saudi Arabia

By 17.14 GMT, futures for Brent crude oil climbed 0.27 % to $ 52.84 a barrel.

Futures for U.S. oil WTI by this time traded at $ 49.56 per barrel, 0.02 % higher than the previous closing.

The world's largest oil exporter and OPEC's unofficial leader Saudi Arabia will reduce the export of raw materials by at least 520,000 barrels per day in September under the global pact to limit production, sources said on Tuesday.

Among other factors supporting quotes analysts call the continuing decline in oil reserves in the U.S.: last week they decreased by 6.5 million barrels to 475.44 million barrels, while analysts predicted a decline of 2.7 million barrels, according to the Energy Information Administration.

In addition, backwooding in the North Sea market - when oil prices with immediate delivery are higher than quotations for futures contracts - inspires confidence to traders that the market will come to equilibrium next year.

The OPEC oil export cartel on Thursday raised the forecast of world oil demand in 2018 to 32.42 million barrels per day, the monthly report of the group says.

Nevertheless, global oil reserves still exceed the average level for five years, and the automotive season, fueling the demand for raw materials, is coming to an end, forcing investors to doubt the effectiveness of the global pact.

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