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OIL COLUMN – Crude recovers from lows as US inventories fall

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With traders seeing value oil prices have recovered somewhat off the 14 month lows seen earlier this week.

In London trading Brent futures gained around 40 cents to US$102 per barrel, while West Texas Intermediary futures moved 45 cents higher to US$93.30.

There was at the same time the typical volatility ahead of the expiry of the current monthly contract in WTI.

Eyes were again on apparently ample supplies after American Petroleum Institute stats last night revealed a 1.7mln barrel rise in stockpiles at the Cushing hub last week.

Across the whole oil market inventories reduced 1.4mln barrels, API revealed.

Then, however, today’s more closely followed stats from the US Energy Department showed a more significant 4.5mln barrel reduction – versus forecasts of a 900,000 to 1.7mln barrel decline.

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