NYMEX crude holds revenues in Asia
On Thursday, American crude oil prices held revenues in Asia, as OPEC agreed to curb production with details still under discussion and traders noted American inventory data from the Department of Energy.
In New York, November delivery US West Texas Intermediate crude futures rose 0.15%, trading at 47.12 per barrel. December delivery Brent crude futures fell 0.16%, hitting $49.16 a barrel.
The OPEC really shocked financial markets on Wednesday when agreed to production curbs under a formula to drop output to a range of about 32.5 million to 33 million barrels of oil every day from 33.4 million.
Under the terms, the world’s number one crude producer, Saudi Arabia, is expected to drop output by approximately 350,000 barrels a day, as recent reports state.
Overnight, crude prices sagged on Wednesday as data revealing a huge build in American gasoline inventories ensured a sell-off, which killed an early soar on a surprise dip in American crude stockpiles for a fourth straight week.