Oil steady as US crude inventories fall to their lowest since 2015
Diesel and petrol stocks rise after a lacklustre driving season in the US; US crude oil production is at 11-million bpd
London — Oil prices steadied on Friday as a rise in stocks of refined petroleum products offset a big fall in US crude inventories to their lowest level since 2015. Brent crude futures edged down 10c to $76.40 a barrel by 9.17am GMT. US West Texas Intermediate (WTI) crude futures lost 3c at $67.74 per barrel. 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. However, sentiment suffered due to a rise in refined product stocks coupled with relatively weak demand for fuel during this summer’s US driving season — when consumption normally peaks. Petrol stocks rose by 1.8-million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1-million barrels, the EIA said. "[Petrol] stocks ... are now 3.5% above the level a year ago. More worryingly, the surplus to the five-year norm now stands at ...
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