London — Rising US crude stocks dragged oil lower on Thursday but prices continued to find a floor as oil cartel Opec-led cuts and free-falling Venezuelan output tightens global supplies. International benchmark Brent futures were at $71.43 a barrel at 9.03am GMT, down 30c from their last close. US West Texas Intermediate (WTI) crude oil futures were down 35c at $64.26 a barrel. US crude inventories surged by 7-million barrels to a 17-month high of 456.6-million barrels last week, the Energy Information Administration (EIA) said on Wednesday. US crude oil production remained at a record 12.2-million barrels per day (bpd), making the US the world’s biggest oil producer ahead of Russia and Saudi Arabia. “While US crude stocks built last week, a massive draw on [petrol] inventories likely buoyed the whole complex,” Vienna-based consultancy JBC Energy said. US petrol stocks fell by a whopping 7.7-million barrels, sending US RBOB higher by 3.5% on their close on Wednesday. Tightening glo...
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.