Oil edges up as US supplies ease

AFP, SINGAPORE: Oil prices edged up in Asia yesterday following US data showing a drop in inventories and tracking gains across regional markets, while traders await central bank policy meetings in Europe and Japan.
The US Energy Information Administration said stockpiles fell 2.3 million barrels last week, a ninth-straight drop and offsetting a surprise increase in gasoline supplies during the peak US summer driving season.
At about 0730 GMT, US benchmark West Texas Intermediate was up 19 cents, or 0.42 per cent, at $45.94, while Brent crude rose 20 cents, or 0.42 per cent, to $47.37.
"The broad trend of what we're seeing in the EIA report is healthy for the market," Angus Nicholson, a markets analyst at IG Ltd. in Melbourne, told Bloomberg News.
"Oil appears to be on the right path toward rebalancing, toward a more sustainable market and the price level is reflecting that."
The gains extended a pick-up Wednesday that came soon after the energy report was released.
Yesterday's advance was in line with a broad uptick across equities markets in Asia, which fuelled optimism about the outlook for the global economy as central banks and governments plan stimulus measures.

Oil edges up as US supplies ease

AFP, SINGAPORE: Oil prices edged up in Asia yesterday following US data showing a drop in inventories and tracking gains across regional markets, while traders await central bank policy meetings in Europe and Japan. The US Energy Information Administration said stockpiles fell 2.3 million barrels last week, a ninth-straight drop and offsetting a surprise increase in gasoline supplies during the peak US summer driving season. At about 0730 GMT, US benchmark West Texas Intermediate was up 19 cents, or 0.42 per cent, at $45.94, while Brent crude rose 20 cents, or 0.42 per cent, to $47.37. The broad trend of what were seeing in the EIA report is healthy for the market, Angus Nicholson, a markets analyst at IG Ltd. in Melbourne, told Bloomberg News. Oil appears to be on the right path toward rebalancing, toward a more sustainable market and the price level is reflecting that. The gains extended a pick-up Wednesday that came soon after the energy report was released. Yesterdays advance was in line with a broad uptick across equities markets in Asia, which fuelled optimism about the outlook for the global economy as central banks and governments plan stimulus measures.