Oil held in its range near $45 a barrel as signals from OPEC and the U.S. show supply easing while inventories in the world’s biggest consumer increased.
Futures gained as much as 0.7 percent New York after falling 0.3 percent Wednesday. U.S. production declined for the seventh time in eight weeks to a 10-month low while stockpiles rose by 3.96 million barrels. The Organization of Petroleum Exporting Countries produced 32 million a day in September, down from the previous month while still above the group’s quota for a 16th month. Private and official manufacturing gauges for China are due Thursday and forecast to show contraction.
Oil has plunged more than 25 percent from this year’s closing peak in June amid speculation a global glut that drove prices to a six-year low will be prolonged. U.S. crude stockpiles remain about 100 million barrels above the five-year seasonal average.
WTI for November delivery gained as much as 30 cents to $45.39 a barrel on the New York Mercantile Exchange and was at $45.36 at 9:16 a.m. Seoul time. The contract lost 14 cents to $45.09 a barrel Wednesday. The volume of all futures traded was about fourfold the 100-day average.
Brent for November settlement added 11 cents, or 0.2 percent, to $48.48 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $3.15 to WTI.
Source : Bloomberg