LONDON (Feb 9): Oil prices rose on Thursday, supported by an unexpected draw in US gasoline inventories, although bloated crude supplies meant that fuel markets remain under pressure. The US Energy Information Administration (EIA) said on Wednesday gasoline inventories fell by 869,000 barrels last week to 256.2 million barrels, versus analyst expectations for a 1.1 million-barrel gain. The fall in gasoline stocks suggested US consumption was stronger than expected, and may be healthy enough to support prices at time when most fuel oil markets are very well stocked. The EIA report also said that US commercial crude inventories rose by 13.8 million barrels to 508.6 million barrels. High oil inventories have been undermining efforts by the Organization of the Petroleum Exporting Countries and other producers including Russia to tighten the market by cutting production.

Source: The Edge Markets February 09, 2017 13:52 UTC