Oil edges up on increased US stockpile

Crude Oil
Oil prices edged up in Asia Thursday following US data showing a drop in crude inventories, a sign of a tightening supply market.

Crude stockpiles fell by 2.3 million barrels last week — the ninth week in a row — data from the US Department of Energy showed.

This helped offset a surprise rise in gasoline inventories over the summer — traditionally the peak demand season for motor fuel.
At about 0330 GMT, US benchmark West Texas Intermediate was up 10 cents, or 0.22 per cent, to $45.85, while North Sea Brent crude was up 16 cents, or 0.34 per cent, to $47.33.

Crude prices have fluctuated between $44 and $52 per barrel in the past month, after falling below $30 in February on the back of the world supply glut and weak demand.

Supply disruptions that lifted prices from near 13-year lows in February have eased and the situation in Turkey is stabilising after the weekend’s failed coup attempt, turning attention back to the supply issue.

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