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Oil prices climb as fuel drop offsets crude build

Xinhua, October 14, 2016 Adjust font size:

Oil prices ended higher on Thursday after declines in U.S. fuel supply offset the gains in crude inventories.

The Energy Information Agency (EIA) said in its weekly report on Thursday that U.S. crude stockpiles added 4.9 million barrels in the week ended Oct. 7, beating market consensus.

However, the EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline.

The surprise build in crude stockpiles was offset by the drop in fuel inventories, which supported the oil prices on Thursday.

A weaker U.S. dollar also made the greenback-dominated oil more attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, was down 0.43 percent at 97.544 in late trading Thursday.

The West Texas Intermediate for November delivery added 0.26 U.S. dollars to settle at 50.44 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 0.22 dollar to close at 52.03 dollars a barrel on the London ICE Futures Exchange. Endit