MTECHTIPS;-Oil pulls away from 1-week low after IEA report; U.S.
MTECHTIPS;-Oil pulls away from 1-week low after IEA report; U.S. supply data ahead
MTECHTIPS- Oil prices were higher during U.S. morning hours on Thursday, pulling away from the prior session’s one-week low after the International Energy Agency said world oil markets are slowly tightening as demand rises. Market players also awaited fresh weekly information on U.S. stockpiles of crude and refined products. Crude oil for February delivery on the New York Mercantile Exchange tacked on 58 cents, or around 1.2%, to $51.66 a barrel by 8:55 AM ET (13:55 GMT), after tumbling $1.37, or nearly 2.6%, a day earlier. U.S. crude prices sank to a one-week low of $50.91 on Wednesday after the head of the International Energy Agency predicted a “significant” boost to U.S. output. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London climbed 56 cents, or nearly 1.1%, to $54.47 a barrel, after falling $1.55, or 2.8%, in the prior session. London-traded Brent futures slid to a low of $53.77 on Wednesday. In its monthly oil market report, the IEA said output cuts announced by the Organization of the Petroleum Exporting Countries and 11 non-OPEC producers in November had “entered their probation period”