Oil pulls back after big jump on U.S. crude stock draw

09.09.2016 22:01

Oil prices pulled back on profit-taking on Friday after settling more than 4 percent higher a day earlier after government data confirmed a surprisingly huge drawdown in U.S. crude inventories.

London Brent crude for November delivery LCOc1 was down 36 cents at $49.63 a barrel by 0023 GMT. It settled up $2.01, or 4.2 percent, at $49.99 on Thursday after touching a near two-week high of $50.14 earlier.

NYMEX crude for October delivery CLc1 was down 35 cents at $47.27, after settling up $2.12, or 4.7 percent, on Thursday.

U.S. crude stocks dropped 14.5 million barrels last week to 511.4 million barrels, the biggest weekly drop in stockpiles since January 1999, according to government data. [EIA/S]

Imports into the U.S. Gulf Coast fell to 2.5 million barrels per day, the lowest since data collection began in 1990.

Traders said the imports fell as ships delayed offloading cargoes in Texas and Louisiana due to Tropical Storm Hermine.

Gasoline futures RBc1 fell nearly 1 percent on Friday after jumping over 5 percent on Thursday after the data release, on higher than expected draws and rising refinery utilization in the Midwest.

Russian average oil production rose close to 11 million bpd during Sept. 1-7, industry sources told Reuters, from 10.71 million bpd in August.

(reuters.com)

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