Oil prices are somewhat on the defensive Thursday.
Brent October oil stands at $ 50.46 a barrel. It is down 0.1 percent in today’s trading, but slightly up from around $ 50 at closing in Oslo yesterday.
WTI oil pulls down 0.2 percent to $ 46.17 a barrel in today’s trading but has also risen slightly from around $ 45.40 when the stock exchange closed on Thursday.
– The oil has escaped
The market is characterized by a stronger dollar, not to mention a surprisingly strong stock-building in the United States. US crude oil inventories rose by 4.7 million barrels last week until August 28, against expected only 32,000 barrels.
– Although oil has escaped this round of pessimism, then release it maybe not from the declining refinery capacity we will see over the next few weeks, writes Singapore-based Phillip Futures told Reuters in a note Thursday.
– On the other side we see a fall in American production, which is healthy for prices in the longer term. Thus, a left infer that the problem of oversupply becomes smaller, it added.
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