Oil prices shore up from multi-week troughs Wednesday following an industry group recorded stocks plunge at the Cushing storage center in Oklahoma, but advances were curbed as a supply glut prevailed even following US production cuts.
US crude for December delivery settled at $43.24 a barrel, up 4 cents. Brent crude ended at $46.84 a barrel, up 3 cents.
As of the moment, the global glut still weighs on traders’ minds. Certain major firms including BP “are talking about sluggish prices through 2016,” said Ben le Brun, Market Analyst at OptionsXpress.
Crude stocks at the Cushing delivery hub declined by 748,000 barrels, according to the American Petroleum Institute. API figures also showed US crude stocks was at 477.1 million, up 4.1 million barrels.
The material has been provided by InstaForex Company – www.instaforex.com
Oil prices shore up from multi-week troughs Wednesday following an industry group recorded stocks plunge at the Cushing storage center in Oklahoma, but advances were curbed as a supply glut prevailed even following US production cuts.
US crude for December delivery settled at $43.24 a barrel, up 4 cents. Brent crude ended at $46.84 a barrel, up 3 cents.
As of the moment, the global glut still weighs on traders’ minds. Certain major firms including BP “are talking about sluggish prices through 2016,” said Ben le Brun, Market Analyst at OptionsXpress.
Crude stocks at the Cushing delivery hub declined by 748,000 barrels, according to the American Petroleum Institute. API figures also showed US crude stocks was at 477.1 million, up 4.1 million barrels.
The material has been provided by InstaForex Company – www.instaforex.com
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