25 October 2016

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

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


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%, at $49.99 on Thursday after touching a near two-week high of $50.14 earlier, according to Reuters.

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

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

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