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Crude Oil Steadies After EIA Inventories

Crude oil futures slipped Thursday, put pared early losses after the government said U.S. oil inventories dropped last week.

WTI light sweet crude oil fell 70 cents, or 1.4%, to settle at $50.60/bbl.

U.S. commercial crude oil inventories decreased by 2.8 million barrels from the previous week, the EIA said. That's contrary to yesterday's industry survey by the American Petroleum Institute which reported a build in crude inventories.

Gasoline stockpiles, on the other hand, unexpectedly increased by 2.5 million barrels, according to EIA data.

Yesterday the EIA said it expects U.S. crude oil production in 2018 to rise by more than previously expected.

The agency also raised its crude oil price outlook for both West Texas and Brent oil this year and next.

For 2018, it forecast WTI $50.57-up 2% from the previous outlook. The EIA also upped its 2017 forecast on Brent crude by 2.7% to $52.43 and its 2018 outlook by 4.8% to $54.07.

by RTTNews Staff Writer

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