Oil Futures Little Changed as Decline in US Inventories Offsets OPEC Dampener

Crude oil futures were little changed in early Asian trade Friday, having risen in the previous session after a decline in U.S. oil inventories offset a non-eventful OPEC meeting.

Benchmark front-month Western Texas Intermediate light, sweet crude oil futures on the New York Mercantile Exchange were last up 0.1 percent at $49.21 on Friday, after settling 0.3 percent or 16 cents higher at $49.17 a barrel on Thursday.

European Brent crude was last also up 0.1 percent at $50.11 a barrel after settling 0.6 percent or 32 cents higher at $50.04 a barrel on Thursday—its first settlement above $50 a barrel in seven months.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.