MTECHTIPS;-U.S. crude remains at 8-week highs on stockpile decline

MTECHTIPS;-U.S. crude remains at 8-week highs on stockpile decline

MTECHTIPS-U.S. oil remained at an eight-week high on Friday, as a continued decline in U.S. crude inventories added to optimism over a potential re balancing of the market. U.S. crude futures for September delivery were up 0.10% at $44.14 a barrel, near the previous session’s eight-week peak of $49.24. On the ICE Futures Exchange in London, the September Brent gained 0.47% to $51.73 a barrel, the highest level since May 31. Oil prices strengthened after data on Wednesday showing a fourth consecutive week of declines in U.S. crude inventories. U.S. oil inventories fell by 7.2 million barrels at the end of last week to 483.4 million barrels, much more than the expected drop of around 2.6 million barrels. The report also showed that gasoline inventories decreased by 1.0 million barrels, compared to expectations for a much more modest decline of 0.6 million barrels. Oil is on track to score a weekly gain of more than 6% as fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output boosted sentiment. Signs of a possible slowdown in U.S. shale production in the wake of reduced spending plans for some oilfield services companies also added to the bullish momentum

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119