{"id":57793,"date":"2023-09-06T20:50:52","date_gmt":"2023-09-07T00:50:52","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-prices-edge-up-on-anticipated-us-crude-stock-draw\/"},"modified":"2023-09-06T20:50:54","modified_gmt":"2023-09-07T00:50:54","slug":"oil-prices-edge-up-on-anticipated-us-crude-stock-draw","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=57793","title":{"rendered":"Oil prices edge up on anticipated US crude stock draw"},"content":{"rendered":"
\n

By Stephanie Kelly<\/p>\n

(Reuters) – Oil prices edged higher on Thursday, after industry data showed {{8849|U.S. crcrude oil inventories were expected to have fallen last week, signaling tightening supplies on top of extended production cuts in Saudi Arabia and Russia. <\/p>\n

U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. <\/p>\n

Official inventory data from the U.S. Energy Information Administration is due at 11 a.m. EDT (1500 GMT) on Thursday. <\/p>\n

futures edged up 12 cents to $90.72 a barrel by 0019 GMT, while U.S. West Texas Intermediate crude (WTI) futures gained 11 cents to $87.65.<\/p>\n

Prices spiked on Tuesday after Saudi Arabia and Russia extended voluntary oil supply cuts to the year-end. The Saudi cuts were by 1 million barrels per day (bpd) while Russia has cut 300,000 bpd. These were on top of the April cut agreed by several OPEC+ producers running to the end of 2024.<\/p>\n

Both countries will review market conditions and make monthly decisions on deepening cuts or raising output. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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