Oil down after gain on surprise drawdown in US stocks
LONDON, October 25, 2019 – Oil prices fell on Friday in Asia after gaining overnight amid a surprise weekly drawdown in US crude stockpiles.
US Crude Oil WTI Futures lost 0.6% to $55.91 by 11:36 PM ET (03:36 GMT). It gained more than 0.5% overnight and reached $56.49, its highest since Sept. 30.
International Brent Oil Futures also dropped 0.6% to $61.36. It hit $61.89 overnight, a peak since Sept. 30 as well.
Thursday’s oil price rally was driven by data showing U.S. inventories dropped by 1.7 million barrels last week, compared with analysts’ expectations for an increase of 2.2 million barrels.
Also supporting crude prices was a Reuters report from Wednesday hinting at the likelihood that attendees at the OPEC meeting set for December may considering deeper cuts than the 1.2-million-barrels-per-day cut agreed by the cartel and its key ally Russia almost a year back.