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U.S. Oil Benchmark Erases Earlier Losses to Finish Higher
Thursday, 17 May 2018 01:52 WIB | ENERGY |Minyak WTIOil,Crude Oil

Prices for U.S. benchmark oil futures settled a bit higher on Wednesday, giving up their losses in the last half hour of trading. The Energy Information Administration reported a second straight weekly decline in U.S. crude supplies, easing concerns over expectations for further gains in U.S. production.

Traders also weighed a mixture of price supportive and non-supportive news from the International Energy Agency, which lowered its forecast of oil demand growth this year, but also said that commercial oil inventories from industrialized nations fell in March to their lowest level in three years. June West Texas Intermediate crude 18 cents, or nearly 0.3%, to settle at $71.49 a barrel on the New York Mercantile Exchange, rebounding from an intraday low of $70.66.

Source : Marketwatch

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