West TX Oil up above $101 after Drop in Stockpiles

U.S. crude held just below $101 a barrel in early Asian trading on Thursday, holding onto most of the gains made in the previous session when oil prices rose by more than $1 on both sides of the Atlantic after an unexpected drop in U.S. inventories.

U.S. crude for June delivery was 1 cents lower at $100.76 per barrel by 0021 GMT, after settling $1.27 higher.  Brent crude was down 14 cents at $107.99 per barrel. The contract had settled $1.07 higher.

The U.S. Energy Information Administration said U.S. crude inventories fell 1.8 million barrels last week, compared with analyst’ forecasts for a 1.4-million-barrel build.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.