Oil trades with gains on IEA supply remarks

Markets 7/12/2018, 1:57 PM
Oil trades with gains on IEA supply remarks

Crude prices traded in the green on Thursday, erasing some of the extensive losses it obtained during a previous session when oil values dropped 4% amid renewed trade war fears sparked by the United States tariffs on Chinese goods. The investment incentives were boosted after market watchers digested the latest monthly report by the International Energy Agency (IEA) that stated the oil supply surplus "might be stretched to the limit."

Meanwhile, the EIA report from Wednesday showed a major drop in the US crude inventories, stating the oil stocks declined by 12.6 million barrels. The figure, which marked the biggest decline since September 2016, also hiked investment incentives in the oil market.

West Texas Intermediate for August delivery rose 0.67%, changing hands for $70.85 per barrel at 1:43 pm CET while the international benchmark Brent for settlements in September gained 1.12% to trade for $74.19 per barrel at 1:44 pm CET.

Breaking the News / VK

Keywords:
oil
Share:

F WBS+0.37%

57.29
Chart for: F WBS 1/19

Brent Crude (...+0.24%

67.26
Chart for: F BRN 1/19