Oil prices stabilise as market digests US inventories data
The prospect of fresh US tariffs on Chinese goods is hanging over the market
Singapore — Oil prices were stable on Friday, as the market balanced a fall in US crude inventories to the lowest levels since 2015, with China-US trade tension and economic weakness from emerging markets. US West Texas Intermediate (WTI) crude futures were at $67.79 a barrel at 3.03am GMT, up just 2c from their last settlement. International Brent crude futures dipped 4c to $76.46 a barrel. "Oil inventory data released last night showed a larger-than-expected draw in crude inventories," said William O’Loughlin, investment analyst at Australia’s Rivkin Securities. US commercial crude oil inventories fell by 4.3-million barrels to 401.49-million barrels in the week to August 31, the lowest since February 2015, US Energy Information Administration (EIA) data showed on Thursday. Despite that, analysts said prices were curbed by a rise in refined product stocks and a relatively weak US peak fuel consumption season this summer. Petrol stocks rose by 1.8-million barrels, while distillate ...
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