Seoul — Oil prices were little changed in early Asian trading on Friday after retreating in the previous session, amid concern about the persistent global glut despite a bigger than expected draw in US crude inventories. Brent crude, the global benchmark, was up 1c at $51.91 a barrel by 12.44am GMT. US West Texas Intermediate (WTI) crude was up 3c, or 0.1%, at $48.62 a barrel. Oil prices touched a two-and-half month high on Thursday, but retreated to close down about 1.5%, with US prices slipping back below $50 a barrel amid ongoing oversupply concern. "Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories.… Supply side issues also weighed on prices, with data showing Libyan production in July hit its highest level for the year," ANZ bank said in a note. Official data showed crude inventories in the US, the world’s top oil consumer, fell sharply by 6.5-million barrels in the week ending to August 4, as refiners ramped up ru...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.