Oil rises on signs of tighter market

Oil rises on signs of tighter market

The West Texas Intermediate for November delivery decreased 0.70 USA dollar to settle at 50.60 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 0.69 dollar to close at 56.25 dollars a barrel on the London ICE Futures Exchange.

Oil prices rebounded from earlier losses, although they were still down on the session, after the Energy Department reported a larger-than-expected decline in USA inventories and a falloff in weekly production on Thursday.

In other news, the International Energy Agency said on Thursday demand for OPEC oil would be 32.5 million barrels per day next year - around 150,000 bpd lower than the cartel pumped last month. That's contrary to yesterday's industry survey by the American Petroleum Institute which reported a build in crude inventories.

Brent crude futures, the global benchmark for oil prices, were down 78 cents, or 1.4%, at $56.16 late morning Thursday. Distillate stocks fell by 1.5 million barrels, short of expectations for a drop of 2.2 million barrels.

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Both contracts have rallied in the last three sessions following last week's sharp losses.

The move is part of ongoing efforts led by the Organization of the Petroleum Exporting Countries with other producers, including Russian Federation, to curb oversupply and stabilize prices by cutting output in a deal which is due to expire in March 2018. But traders say supplies remain ample despite these cuts, thanks in large part to surging US production.

OPEC is widely expected to extend its cuts beyond the current expiry date of end-March 2018.

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