Oil markets gained
1 min read
Oil markets
Oil prices rose slightly in early trade on Thursday after data showed U.S. crude stockpiles fell last week, adding to 2% gains overnight, as OPEC and its allies were seen fully complying in September with their pact to curb output.
U.S. West Texas Intermediate (WTI) crude futures picked up 4 cents, or 0.1%, to $41.08 a barrel at 0032 GMT, while Brent crude futures rose 5 cents, or 0.1% to $43.37 a barrel.
Oil markets climbed for a third day despite a resurgence in Covid-19 infections across Europe potentially denting fuel demand.
The American Petroleum Institute industry group said U.S. crude, gasoline and distillate inventories all fell in the week to Oct. 9, according to a report released after market close on Wednesday.
Crude stockpiles fell by 5.4 million, while distillate stockpiles, which include diesel and heating oil, fell by 3.9 million barrels. Those drawdowns were nearly double analysts’ expectations in a Reuters poll.
The U.S. Energy Information Administration is due to release its weekly data on Thursday, a day later than normal following a public holiday.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, had 102% compliance with their agreement to cut oil supply in September.
