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Crude Oil Flat As Inventories Spike

Crude oil futures inched lower Thursday but held above $49 a barrel after government data confirmed a large build in U.S. oil inventories.

Data from the U.S. Energy Information Administration Thursday showed that domestic crude supplies climbed by 4.6 million barrels for the week ended Sept. 1.

That's in line with industry data from the American Petroleum Institute.

Stockpiles rose due a decline in demand from refineries damaged by Hurricane Harvey.

Oct. WTI oil was down 7 cents, or 0.1%, to settle at $49.09/bbl.

The European Central Bank today kept all three of its interest rates unchanged and said it expects rates to remain at their current levels for an extended period of time.

The central bank also confirmed that its net asset purchases are intended to run at the current monthly pace of 60 billion euros until the end of December, or beyond, if necessary.

ECB President Mario Draghi's subsequent press conference was seen as dovish, as he said inflation is still expected to move towards the bank's target but warned downside economic risks continue to exist.

by RTT Staff Writer

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