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Crude oil inched higher on Thursday as gains prompted by a rally in gasoline and technical charts calling for higher prices were capped by worries about high US crude inventories.
A surge in Wall Street share prices also lent support to oil despite pressure exerted by the dollar’s rise to a three-week high.
Brent crude settled up 23 cents, or 0.5 per cent, at $48.08 a barrel. The global crude benchmark was up nearly 2 per cent earlier in the day.
US crude rose 18 cents, or 0.4 per cent, to settle at $45.38.
Crude prices rose more in early trading as gasoline rallied up to 3 per cent as traders re-evaluated Wednesday’s US government data showing a 1.5 million-barrel decline in stocks of the motor fuel last week. A Reuters poll of oil analysts had forecast a drop of 858,000 barrels in gasoline.
Technical support also emerged for crude earlier on Wednesday as Brent held above $46, traders said.
But oil gave back most of its gains as focus returned to last week’s big build in crude stockpiles – 8 million barrels – which was more than double that forecast in the Reuters oil poll.
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A surge in Wall Street share prices also lent support to oil despite pressure exerted by the dollar’s rise to a three-week high.
Brent crude settled up 23 cents, or 0.5 per cent, at $48.08 a barrel. The global crude benchmark was up nearly 2 per cent earlier in the day.
US crude rose 18 cents, or 0.4 per cent, to settle at $45.38.
Crude prices rose more in early trading as gasoline rallied up to 3 per cent as traders re-evaluated Wednesday’s US government data showing a 1.5 million-barrel decline in stocks of the motor fuel last week. A Reuters poll of oil analysts had forecast a drop of 858,000 barrels in gasoline.
Technical support also emerged for crude earlier on Wednesday as Brent held above $46, traders said.
But oil gave back most of its gains as focus returned to last week’s big build in crude stockpiles – 8 million barrels – which was more than double that forecast in the Reuters oil poll.
For more information ✆ – 0731-6642300 or Visit http://ift.tt/1k8NnLH
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