Oil nudges up, but retreats from highs
Published Jul 17, 2013 01:43PM ET
On the New York Mercantile Exchange, light, sweet crude futures for September delivery rose 0.17% to USD105.87 in U.S. trading Wednesday after earlier trading as high as USD106.11 per barrel. The low of the session is USD104.80 per barrel.
Earlier Wednesday, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 6.9 million barrels in the week ended July 12, blowing past expectations for a decline of 2 million barrels.
Total U.S. crude oil inventories stood at 367.0 million barrels as of last week. The report also showed that total motor gasoline inventories increased by 3.1 million barrels, confounding expectations for an decline of 0.5 million barrels.
Elsewhere, Angola, a member of the Organization of Petroleum Exporting Countries, forecast its daily output for September will be 1.67 million barrels, well below the 2 million barrels per day target. The country expects to pump 1.7 million barrels a day next month. Angola is Africa’s second-largest oil producer behind fellow OPEC member Nigeria.
This year, Angola has averaged about 1.72 million barrels per day in production, below the daily average of 1.9 million barrels for Nigeria. Angola is banking on new offshore discoveries to boost output in the future.
Meanwhile, Brent futures for September delivery rose 0.31% to USD108.48 per barrel on the ICE Futures Exchange.
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Written By: Investing.com
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