Crude oil futures rose during the Asian session on Monday as they recovered from last week’s fall, which was caused by rising production in the U.S. and an increase in international supplies, according to Investing.com.
 
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in February traded at USD94.12 a barrel, up 0.16%.
 
Earlier on Friday, New York-traded oil futures hit a session low of USD93.38 a barrel. During last week, crude futures dropped 6%.
 
On Thursday, crude futures tumbled 3% to settle at USD95.44 a barrel on the Nymex. It was the sharpest one-day decline since early November 2012.
 
Libya’s National Oil Corporation said Thursday that exports could soon return to near normal levels after political protesters agreed to stop months of blockages. Libyan oil production has fallen sharply since July with protesters disrupting output at many of the country’s oilfields.
 
Expectations for increased exports from South Sudan also weighed.
 
In the U.S., the Energy Information Administration said Thursday that crude oil inventories fell by 7.01 million barrels in the previous week, far surpassing market expectations for a decline of 2.98 million barrels.
 
Total motor gasoline inventories fell by 844,000 barrels compared to expectations for a gain of 1.93 million barrels.
 
However, the EIA said stocks on the Gulf coast remained well above levels of the past few years as rising output contributed to a build-up of domestic supplies.
 
Meanwhile, distillate fuel, which includes diesel and heating oil, rose by 5.04 million barrels, outstripping expectations for a gain of 1.23 million and overshadowing the sharp decline in oil inventories.
 
On the ICE Futures Exchange, Brent oil futures for delivery in February rose 0.04% to USD106.99 a barrel.
 
Elsewhere on the Nymex, natural gas for February delivery edged up 0.22% to USD4.335 per million British thermal units.

 

UkrAgroConsult