Oil price steady as high US output balances big fall in crude stockpiles
London — Oil prices steadied on Thursday after US data showed a big fall in crude stockpiles but also an increase in production, taking US crude output to its highest in more than two years. Brent crude was unchanged at $50.27 a barrel by 8.45am GMT. US light crude was 5c lower at $46.73. Both benchmarks fell more than 1% on Wednesday. Energy Information Administration (EIA) data showed commercial US crude stocks have fallen by almost 13% from their peaks in March to 466.5-million barrels. Stocks are now lower than in 2016. But US oil output is rising fast as shale producers take advantage of a recent increase in prices. US production jumped by 79,000 barrels a day to over 9.5-million barrels a day last week, its highest level since July 2015, and 12.75% above the most recent low in mid-2016. "The EIA data suggest the US oil market is becoming more balanced, with crude inventories falling," said Tamas Varga, senior market analyst at London brokerage PVM Oil Associates. Rising US out...
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