Oil Prices Edge Higher From OPEC Boost

Oil Prices Edge Higher From OPEC Boost

The price increases on Thursday followed a more than 3.5 per cent drop in both crude benchmarks during the previous session after the EIA reported surging gasoline inventories as well as another rise in USA crude oil production to 9.25 million barrels per day (bpd), up nearly 10 per cent since mid-2016. "We would not buy the intraday dip".

Both benchmarks had traded more than 50 cents higher earlier in the day, but gains eased at the start of USA trading hours. WTI futures settled at $52.41 a barrel, down 24 cents. U.S.

Gasoline stockpiles, however, edged up by 1.5 million barrels, defying expectations for a decline of 2 million, according to a survey conducted by S&P Global Platts.

Oil prices fell in thin trade on Tuesday after the Easter holiday break shut many markets for as long as four days and as a USA government report indicated rising production.

Brent crude futures were at.43 per barrel at 0855 GMT, up 50 cents from their last close.

It would be premature to talk about the possible participation of Opec members Iran, Nigeria and Libya in any extension of output limits, Barkindo said in an interview with Bloomberg Television.

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Currently, OPEC, the average daily production of which by the results of the first quarter amounted to 32.02 million barrels per day, actually balances supply and demand.

Arabiya TV quoted Saudi Energy Minister Khalid al-Falih as saying on April 17 that the level of compliance among OPEC and non-OPEC oil producers with a global deal to cut output is very good.

However, Saudi production rose to 10 million bpd in February, up from 9.75 million bpd the previous month, the Jodi data showed, as domestic refiners processed more crude oil.

"A build to gasoline inventories is tilted a little bearish, although a build of 2.5 million barrels on the Gulf Coast was in response to higher refining activity", said Matt Smith, director of commodity research at ClipperData. Also, the prospect for demand was boosted by a hopeful note from the International Monetary Fund.

"We should see an accelerating level of crude draws, something we've been waiting for a while", Cavan Yie, senior equity analyst at Manulife Asset Management Toronto, said by phone. "Refinery maintenance is finishing, which is leading to greater processing of crude, and the OPEC cuts are going to finally have an impact on USA inventories".

Gasoline prices slipped on the news, as reformulated blendstock futures dropped 0.6 percent to $1.7008.