Oil prices rose on Thursday lifted by signs of a tightening US market although high crude supplies from producer club OPEC weighed on market sentiment.
Benchmark Brent crude was up 25 cents at 52.61 dollars a barrel by 1353 GMT. US light crude was 15 cents higher at 49.74 dollars.
Strong demand in the United States has been supporting prices.
The US Energy Information Administration reported record gasoline demand of 9.84 million barrels per day (bpd) for last week and a fall in commercial crude inventories of 1.5 million barrels to 481.9 million barrels.
That’s below levels seen this time last year, an indication of a tightening US market.
OPEC and other producers including Russia have promised to restrict output by 1.8 million bpd until the end of March 2018 to help support prices and draw down inventories.
OPEC output, however, hit a 2017 high of 33 million bpd in July, up 90,000 bpd from the previous month, a media survey showed this week, led by a further recovery in supply from Libya, one of the countries exempted from the deal. (Reuters/NAN)
A 2017 Africa Cup of Nations qualifying match between Sierra Leone and African champions the Ivory Coast will now be played in Port Harcourt after Lagos declined to stage the match because of concerns over […]
A pretty lady has taken to Twitter to express her regret for supporting and campaigning for president Buhari with her bike in 2015. She shared a throwback photo with Buhari’s campaign poster pasted on her […]
A fresh discovery of another $153 million said to have been laundered by former Nigerian oil minister, Diezani Alison-Madueke, has landed the Managing Director of Fidelity Bank PLC, Nnamdi Okonkwo, in another round of trouble. […]