Published: Fri, May 12, 2017
Markets | By Noel Gibbs

Oil rebounds above $50 on latest United States stockpile figures


US crude stockpiles posted their biggest weekly drawdown since December last week as imports dropped sharply, while inventories of refined products also fell.

Exchange-traded funds linked to oil prices, continued to climb today as crude prices remained on track to end the week in the green amid data showing that the USA crude glut is shrinking and OPEC's production cuts are making a dent in global supplies.

Crude inventories USOILC=ECI fell 5.2 million barrels in the week to May 5, the U.S. Energy Information Administration said.

Crude oil prices moved into short-term recovery mode early Wednesday after industry data showed US oil inventory levels are on the decline.

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"After a prolonged period of builds into record territory, USA crude inventories have finally started to decline", he said.

On the New York Mercantile Exchange crude futures for June delivery rose 0.49% to $47.56 a barrel, while on London's Intercontinental Exchange, Brent gained 0.44% to $50.44 a barrel.

Investors, who were previously skeptical of a move by the Organization of the Petroleum Exporting Countries and external producers such as Russian Federation to cut global crude supply by about 2%, have interpreted the drawdown in US stocks as a sign that the cartel's action is working.

Brent was 70 cents higher at $50.92 a barrel by 0945 GMT. It had expected a 1.8 million barrels drop.

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"It is all about sentiment and perception".

The oil price has bounced back above $50 after fears about over-supply sent it plunging last week. "The perception is that OPEC cuts are finally working".

In the United States, U.S. crude stockpiles posted their biggest one-week drawdown since December last week as imports dropped sharply, while inventories of refined products also fell.

OPEC is set to give further talks on May 25, concerning of whether to extend the settlement to cut production output for an additional six-months before the year ends.

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Crude oil prices surged after the OPEC deal, but have come under pressure in recent weeks as USA production surged, undermining OPEC-led efforts to balance supply with demand.

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