Crude oil is holding its gains in late trading Thursday following official data showing US crude inventories fell more than expected, trimming the supply glut in the market.
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The internationally traded Brent is trading at $53.36 a barrel.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Brent (53.06 $/bbl) is higher this morning after official figures showing US crude inventories fell more than expected, trimming the supply glut.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The improvement in market sentiments come on the back of continuing efforts by the cartel OPEC to enhance compliance by producers who are conducting a quota freeze.
Meantime the Joint Technical Committee of OPEC, non-OPEC nations chaired by Russia, Kuwait has invited UAE, Kazakhstan, Malaysia to meeting to be held in Vienna.
While OPEC is working to cut the supply glut, shale producers in the US are promising to generate even more price-killing production as 2017 progresses.
Second-quarter reports in the last two weeks show producers led by ConocoPhillips, EOG Resources Inc. and Diamondback Energy Inc. plan to pump 50kbbl/day more than prior forecasts, easily offsetting modest production cuts by other peers.
