Oil prices steady ahead of US stockpiles data

15/10/2020 Argaam

Crude oil prices were stable on Thursday, with WTI crude holding above $41 a barrel ahead of official data on US inventories that is expected later today.

 

In its report on Wednesday, Oct. 14, the American Petroleum Institute industry group said US crude, gasoline and distillate inventories all fell in the week ending Oct. 9.

 

Meanwhile, the OPEC+ achieved 102% compliance in September to their agreement to cut oil supply, Reuters reported, citing two OPEC+ sources.

 

The group’s technical committee will meet today, Oct. 15, to review the oil market.

 

In terms of trading, Brent crude held at $43.3 a barrel, at 8.50 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures were at $41.03 a barrel.

 

The official data on US inventories will be released by the Energy Information Administration today.

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