Home / TIPS / MTECHTIPS:-Crude inches up, as investors continue to digest bearish supply data

MTECHTIPS:-Crude inches up, as investors continue to digest bearish supply data

MTECHTIPS:-Crude inches up, as investors continue to digest bearish supply data

 Crude futures ticked up on Thursday during a choppy day of trading, as investors continued to react to bearish supply data from a massive stockpile build last week. On the New York Mercantile Exchange, WTI crude for December delivery traded in a broad range between $44.99 and $46.10 a barrel, before settling at $45.29, up 0.09 or 0.20% on the session. A session earlier, U.S. crude futures fell to near monthly lows after slipping below $45 a barrel for the first time since October 1.The recent downturn has erased all the gains from a rally in October when WTI crude jumped nearly 9% in a five-day span to surge above $50 a barrel, reaching a fresh 11-week high. On the Intercontinental Exchange (ICE), brent crude for December delivery wavered between $47.70 and $48.72 a barrel, before closing at $48.11, up 0.26 or 0.54% on the day. Brent futures are still down by approximately 1.5% over the last month of trading. Meanwhile, the spread between the international and U.S. domestic benchmarks of crude stood at $2.82, above Wednesday’s level of $2.41 at the close of trading. Energy traders continued to digest reports of a surprising build last week when crude stockpiles surged by 8 million for the week ending on Oct. 16. At 476.6 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least 80 years. Crude inventories nationwide increased by more than twice the level anticipated by analysts.

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