Singapore/Tokyo: Oil prices were stable on Thursday, supported by ongoing OPEC-led supply cuts, tensions in the Middle East and lower U.S. production due to hurricane-enforced closures.
Brent crude futures were at $58.19 at 0641 GMT, close to their last close, and around 30 percent above mid-year levels. U.S. West Texas Intermediate (WTI) crude was at $52.03 per barrel, also close to its last settlement, but almost a quarter higher than in June.
The U.S. Energy Information Administration said on Wednesday that U.S. crude inventories fell by 5.7 million barrels in the week to Oct. 13, to 456.49 million barrels. U.S. output slumped by 11 percent from the previous week to 8.4 million barrels per day (bpd), its lowest since June 2014 as production had to be shut because of Hurricane Nate, which hit the U.S. Gulf Coast earlier in October.
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