Oil prices edge up on surprise drawdown in USA crude stockpiles

Futures in New York rose as much as 0.7 percent advancing for a fourth day

Futures in New York rose as much as 0.7 percent advancing for a fourth day

Oil posted the biggest decline in two months after USA government data showed expanding crude stockpiles.

West Texas Intermediate crude for November delivery on the New York Mercantile Exchange CLX8, +0.35% tacked on 14 cents, or 0.2%, to $71.92 a barrel, while December Brent crude LCOZ8, +0.97% rose 63 cents, or 0.8%, to $81.41 a barrel on ICE Futures Europe.

As oil prices hit $80 per barrel in recent months and with global oil inventories shrinking fast, Saudi Arabia and Russian Federation agreed to ease restrictions although they never said the exact levels they would target.

U.S. crude stocks rose 6.5 million barrels last week, the fourth straight weekly build, as exports were down to 1.8 million barrels per day, the U.S. Energy Information Administration said, in a report analysts characterized as bearish.

Saudi Arabia, he commented, uses its strategic hydrocarbon reserves to compensate for the lack of Iranian oil, but is unable to increase oil production much more and could stop releasing part of its inventories. With last week's increase, US crude stockpiles have risen for four straight weeks now.

The threats came in response to growing global and USA outrage with the killing of dissident journalist Jamal Khashoggi in the kingdom's consulate in Turkey, and Riyadh's now admitted role in his disappearance, the Saudi government issued a strong statement warning other nations against imposing penalties.

A claim by the USA that it aims to reduce Iran's oil exports to zero is a "political bluff", the head of the state-run National Iranian Oil Company was quoted as saying on Wednesday.

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It's not yet clear to what extent, if any, China will curb shipments of Iranian crude due to US sanctions.

S&P Global Platts said that the fields in the Saudi-Kuwait “Neutral Zone” were expected to produce some 500,000 barrels of oil a day.

Saudi Arabia has committed to conducting a complete investigation into the disappearance, U.S. Secretary of State Mike Pompeo said before departing the kingdom for Turkey.

US President Donald Trump in May withdrew from the 2015 nuclear accord with Iran, reimposing economic sanctions against the Persian Gulf nation. -China trade dispute on the global economy.

Oil prices continued to fall yesterday after United States crude inventories rose more than expected. "Saudi Aramco's desire is also to invest in consumer-facing segments such as retail fuels and petrochemicals, building an integrated downstream business spanning India as well as our commitment to invest in crude oil storage here in India in order to be more responsive and closer to the demand needs".

The latest vessel-tracking and port data compiled by Refinitiv showed that exports from the Middle East reached a three-month high of 133.08 million barrels in the week to October 14.

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