On Thursday, Oil prices held
their position inspite of rising fuel inventories and crude production in the
US, due to the ongoing supply cuts initiated by the producer group OPEC.
Brent crude futures at 0209 GMT were trading at $55.73 per barrel, down by 2 cents from their previous close.
US West Texas Intermediate (WTI) crude futures, was down 4 cents at $53.07 per barrel.
During the first half of 2017, oil producers of Russia and the Organisation of the Petroleum Exporting Countries (OPEC) have approved to cut the output by 1.8 million barrels per day.
In the last week, US crude oil and gasoline inventories rallied to record highs mainly due to the softening of gasoline demand and output cut by refineries.
Also in the week ended February 10, Crude inventories rose 9.5 million barrels, which was more than the expectations of analysts.
Since the start of 2017, both Brent and WTI crude futures have traded inside the range of $5 per barrel.
Brent crude futures at 0209 GMT were trading at $55.73 per barrel, down by 2 cents from their previous close.
US West Texas Intermediate (WTI) crude futures, was down 4 cents at $53.07 per barrel.
During the first half of 2017, oil producers of Russia and the Organisation of the Petroleum Exporting Countries (OPEC) have approved to cut the output by 1.8 million barrels per day.
In the last week, US crude oil and gasoline inventories rallied to record highs mainly due to the softening of gasoline demand and output cut by refineries.
Also in the week ended February 10, Crude inventories rose 9.5 million barrels, which was more than the expectations of analysts.
Since the start of 2017, both Brent and WTI crude futures have traded inside the range of $5 per barrel.
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