2019-10-02 12:25:00
OIL PRICE: ABOVE $58
REUTERS - Oil rebounded from several days of falling prices after industry data showed a surprise drop in U.S. crude inventories and offset weak economic readings in the United States that have depressed global stock markets.
Brent crude rose 47 cents, or 0.8%, to $59.36 a barrel by 0657 GMT, claiming back some of the ground lost over the past three sessions. U.S. West Texas Intermediate crude was at $54.29 a barrel, up 67 cents or 1.3%.
Front-month WTI prices settled down for a sixth straight session on Tuesday, their longest losing streak this year, after U.S. manufacturing activity dived to a 10-year low as U.S.-China trade tensions weighed on exports.
"Brent and WTI have erased those (Tuesday) losses in early trade," Jeffrey Halley, a senior market analyst at OANDA in Singapore said, although the trading volume was low because of regional holidays.
"We would expect the rallies to quickly run out of steam as we approach $61.00 and $55.00 a barrel," he said.
Oil pared some losses in post-settlement trade on Tuesday after American Petroleum Institute (API) data showed U.S. crude stocks fell last week by 5.9 million barrels, against expectations for an increase of 1.6 million barrels.
The Energy Information Administration's weekly oil inventories report is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.
Oil prices are now below levels from before the Sept. 14 attacks on Saudi oil facilities as the world's largest oil exporter has restored its full oil production and capacity.
"That means the market is not pricing in any risk premium from further potential attacks," said Howie Lee, economist at Singapore's OCBC bank.
Iranian Oil Minister Bijan Zanganeh said he would be willing to meet the oil minister of regional rival Saudi Arabia while in Moscow, but that the Saudis have a problem with meeting, according to the official IRNA news agency.
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Earlier:
2019, September, 30, 15:20:00
OIL PRICE: NEAR $61 AGAIN
Brent were down 52 cents or 0.84% at $61.39 a barrel, WTI were 35 cents or 0.63% lower at $55.56 a barrel.
2019, September, 27, 13:45:00
OIL PRICE: ABOVE $62 YET
Brent fell 6 cents to $62.68 a barrel, WTI rose 18 cents to $56.59 a barrel
2019, September, 26, 14:00:00
OIL PRICE: ABOVE $61
Brent were at $62.55 a barrel, WTI gained 13 cents, or 0.23%, to $56.62 a barrel.
2019, September, 25, 15:15:00
OIL PRICE: NEAR $61
Brent were down $1.05 cents at $62.05 a barrel, WTI dropped to $56.47 a barrel, down 82 cents.
2019, September, 24, 18:15:00
OIL PRICE: ABOVE $62
Brent dropped 58 cents to $64.19 a barrel, WTI were at $58.15, down 49 cents.
2019, September, 23, 14:30:00
OIL PRICE: NEAR $63
Brent crude fell 30 cents to $63.98 a barrel, WTI was down 38 cents to $57.71.
2019, September, 20, 15:45:00
OIL PRICE: NEAR $64
Brent crude LCOc1 was up 7.7% since last Friday’s close, the biggest weekly rise since January. The front-month November contract was at $64.88 a barrel, up 48 cents, by 1113 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 59 cents to $58.72 a barrel, set to post a gain of over 7% for the week.
