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Oil steady near June highs on stockpile data, OPEC deal hopes

Published 06/10/2016, 10:31 pm
Updated 06/10/2016, 10:31 pm
© Reuters.

© Reuters.

Investing.com - Oil was steady Thursday near June highs on a fall in U.S. crude stocks and hopes for an OPEC output cut.
U.S. crude was unchanged at $49.83 at 06:45 ET, while Brent crude added 0.15% to $51.94.
The Energy Information Administration (EIA) on Wednesday reported a fall of 2.976 million barrels in U.S. crude stocks in the latest week.
Gasoline inventories rose but by much less than expected at 222,000 barrels.
The market continues to be underpinned by hopes of concrete measures by major producers to curb output to address the global glut.
OPEC members are due to meet at the end of next month in Vienna to try to thrash out the terms of an accord to cut output to 32.5-33 million barrels per day.
Algerian Energy Minister Nouredine Bouterfa said Thursday OPEC may cut by more than that if needed.
The dollar index was 0.19% higher. A stronger dollar weakens demand for oil.

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