Crude pulls back after a great jump on US crude stock draw
On Friday, crude prices pulled back on profit-taking after settling more than 4% higher a day earlier right after government data confirmed a shockingly big drawdown in American crude inventories.
In London, November delivery Brent crude futures sagged 36 cents, hitting $49.63 a barrel. On Thursday, it settled up 4.2% at $49.99 having touched a near two-week peak of $50.14. October delivery NYMEX crude futures dipped 35 cents to $47.27, having settled up 4.7% on Thursday.
The previous week American crude stocks edged down 14.5 million barrels to 511.4 million barrels, the greatest weekly sag in stockpiles since January 1999, as government data states.
Imports into the U.S. Gulf Coast went down to 2.5 million barrels per day, the lowest value since data collection started in 1990.
Market participants told that the imports dropped as ships delayed offloading cargoes in Texas as well as Louisiana due to Tropical Storm Hermine.