Oil prices eke out small gains, as market shrugs off fall in US inventories
Singapore — Oil prices inched higher on Thursday after a data report showed a decrease in US crude inventories, but rising petrol stocks and crude production weighed on the market. US West Texas Intermediate (WTI) crude futures were at $56.18 a barrel at 4.24am GMT, up 22c or 0.4% from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $61.49 a barrel, up 27c or 0.44%. Traders said the higher prices came as US crude oil inventories fell by 5.6-million barrels in the week to December 1, to 448.1-million barrels, putting stocks below seasonal levels in 2015 and 2016. The slightly higher prices also came after a big sell-off in late US trading. "WTI prices cratered (on Wednesday) despite a drop in weekly crude inventories…. Traders were more concerned about the steep rise in gasoline inventories," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. Petrol stocks rose 6.8-million barrels, to 220.9-mil...
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