Oil edges up off one-week low as IEA sees tighter market
- Buz Investors Oil edges up At 10:40 GMT, the commodity is trading at $51.97 per barrel, 1.09% higher from the New York close.
- During the session, crude oil traded at a high of $52.05 per barrel and a low of $51.38 per barrel. The commodity declined in the New York session yesterday, closing 0.39% lower at $51.41 per barrel, after the EIA disclosed that
- US crude stockpiles unexpectedly rose by 2.3 million barrels to 485.5 million barrels in the week to 13 January 2017. Crude oil has its first support at $51.31 per barrel and its first resistance at $52.34 per barrel.
Oil edges up
Oil edges up Oil prices edged higher on Thursday, but swelling US crude stockpiles limited the rebound from a one-week low after the International Energy Agency said oil markets had been tightening even before cuts agreed by OPEC and other producers took effect.
The IEA said that while it was “far too soon” to gauge OPEC members’ compliance with promised cuts, commercial oil
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Oil edges up
inventories in the developed world fell for a fourth consecutive month in November, with another decline projected for December.
Benchmark Brent crude was up 21 cents, or 0.4 per cent, at $54.13 a barrel by 1:33 p.m. EST (1833 GMT) after closing down 2.8 per cent in the previous session. U.S. crude rose 17 cents, or 0.4 per cent, to $51.25 a barrel, having dropped to a one-week low on Wednesday of $50.91.
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