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

June 3, 2016 Share Print 0

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.

CNBC

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.