Oil prices edge up despite gasoline glut

摘要

Oil prices stabilised, after upbeat comments on the global market balance by Opec and the IEA, which offset the impact of a widespread gasoline glut. Atlantic basin benchmark North Sea Dated rose by 19￠/bl to $45.99/bl in the week to 14 July, while US marker August WTI added 54￠/bl to $45.68/bl. Mideast Gulf benchmark Dubai fell by 21￠/bl to close at $43.31/bl. Forecasts of a large US crude stockdraw further supported prices. But the eighth consecutive weekly decline in US crude stocks fell short of expectations, with inventories dropping by 2.55mn bl in the week to 8 July, according to the latest weekly EIA data. US crude production increased by almost 60,000 b/d on higher output in Alaska, ending four weeks of decline.