London — Oil rose on Thursday in a sign that investors are wary of pushing the market lower in response to an unexpectedly large rise in US stocks of refined products that has increased concern about the demand outlook. Brent crude futures were at $61.55 a barrel, up 33c by 10.08am GMT. US West Texas Intermediate (WTI) crude futures were at $56.16 a barrel, up 20c, after having fallen nearly 3% on Wednesday. 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. But petrol stocks rose 6.8-million barrels, to 220.9-million barrels, according to the report from the US Energy Information Administration (EIA), much more than analyst expectations for a gain of 1.7-million barrels. "We had a nice run to the downside yesterday and it seems for now that it’s ‘take your short profits soon and keep your longs for longer’," Saxo Bank senior manager Ole Hansen said. "We are at the time of y...
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.