(Reuters) - Oil prices rose in early Asian trade on Friday shrugging off a second consecutive week of U.S. crude oil inventory builds, with a U.S. Energy Information Administration (EIA) report late on Thursday indicating an unexpected rise in crude stocks.
U.S. benchmark West Texas intermediate (WTI) CLc1 crude futures were up 18 cents or 0.33 percent to $53.95 at 0105 GMT after settling 29 cents lower at $53.77 per barrel in the previous session.
Brent front-month March crude oil futures LCOc1 were 12 cents a barrel or 0.21 percent higher at $56.97.
Crude inventories USOILC=ECI were up 614,000 barrels in the week to Dec. 23, the EIA data showed, compared with analysts' expectations for a decrease of 2.1 million barrel.
Despite the unexpected rise in crude stocks, the EIA data published on Thursday showed a significantly smaller rise in crude stocks compared with Wednesday's American Petroleum Institute (API) data that indicated a 4.2 million barrel build in U.S. crude oil stocks in the same period. []
"Today's Department of Energy report was positive for light products due to draws in gasoline and distillate inventories compared to consensus' build expectations," British bank Barclays said in a note.
Gasoline stocks USOILG=ECI fell 1.6 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel rise.
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The market is likely to have focused on the surprise draw in product stocks and taken on a slightly more bullish view toward the WTI contract, traders said.
Oil prices will gradually rise toward $60 per barrel by the end of 2017, a Reuters poll showed on Thursday, with further upside capped by a strong dollar, a likely recovery in U.S. oil output and possible non-compliance by OPEC with agreed cuts.
Just wait n see +7= Wen.............. force selling for +3 then rebound ? +6= Tuesday ...... force selling for +2? +5= Monday ....... force selling for +1? +4= Today ...........force selling for D ? +3= 29/12/2016 ......higher 0.10 Vol 71,800,300 +2=28/12/2016....... higher 0.095 Vol 126,924,100 + 1=27/12/2016.......higher 0.075 Vol 54,173,600 D= 23/12/2016 .......lower 0.05 Vol 1,370,700
US companies are hoarding $2.5 trillion in cash overseas, Trump admin wants to lower tax on this money from 35% to 5%, wait and see. If truly realise, USD demand will rise, may see ringgit further fall
Get ready for tomorrow. The cheap penny stocks will be moving up. Sumatec and Perisai and Hibiscus are all og sectors. With oil BULLISH, just enjoy the ride up.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
char1234
5,299 posts
Posted by char1234 > 2016-12-30 07:21 | Report Abuse
good luck to all..