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Oil prices edge down, pressured by U.S. supply

Published 07/04/2019, 09:20 AM
Updated 07/04/2019, 09:30 AM
Oil prices edge down, pressured by U.S. supply
LCO
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CL
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SYDNEY, July 4 (Reuters) - Oil prices inched lower on
Thursday after solid gains the day before, pressured by data
showing a smaller-than-expected decline in U.S. crude
stockpiles.
Front-month Brent crude futures LCOc1 , the international
benchmark for oil prices, were down 0.4% at $63.60 per barrel by
0112 GMT. Brent closed up 2.3% on Wednesday
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
down 0.3% at $57.18 per barrel. WTI closed up 1.9% on Wednesday.
U.S. crude inventories USOILC=ECI dropped by 1.1 million
barrels last week, the Energy Information Administration (EIA)
said on Wednesday. That compared with analyst expectations for a
decrease of 3 million barrels. "The U.S. oil market remains oversupplied," said Edward
Moya, senior analyst, OANDA.
But crude prices were underpinned after the Organization of
the Petroleum Exporting Countries and other producers such as
Russia, a group known as OPEC+, agreed on Tuesday to extend oil
supply cuts until March 2020.

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