Singapore/Tokyo: Oil prices rose on Friday as both U.S. crude production and inventories declined, pointing towards a tightening market.
Strong Chinese oil import data also supported crude prices, traders said.
With the Organization of the Petroleum Exporting Countries (OPEC) leading a production cut, analysts said that global oil markets were now broadly balanced after years of oversupply.
U.S. West Texas Intermediate (WTI) crude was at $51.01 per barrel at 0647 GMT, up 41 cents, or 0.8 percent, from its last settlement.
Brent was at $56.58, up 33 cents, or 0.6 percent. U.S. crude inventories dropped 2.7 million barrels in the week to Oct. 6, to 462.22 million barrels, the Energy Information Administration (EIA) said late on Thursday. Crude production slipped 81,000 barrels per day (bpd) to 9.48 million bpd.
A trader works on the floor of the New York Stock Exchange , New York City. — AFP/FileNow that US interest rates...
A general view of al-Atba district of the Egyptian capital Cairo. — AFP/FileCAIRO: Egypt appears on track to break...
A man selling vegetables waits for customers at his makeshift stall at Empress Market in Karachi. — ...
A woman shops in a wet market in Kuala Lumpur, Malaysia. — Reuters/FileKUALA LUMPUR: Malaysia's economy grew faster...
The Pakistan Business Forum logo. — Facebook/pbf.limitedISLAMABAD: The Pakistan Business Forum on Saturday called...
US dollar banknotes are seen in this illustration taken March 10, 2023. — ReutersKARACHI: The government plans to...