Crude Oil Drifting, Retail Sales in Focus

Oil Rises on Signs of U.S. Supply Drop OPEC’s Shale Outlook

On a longer time frame, WTI oil "remains frustratingly rangebound between support in the low $50s and resistance in the low $60s and that is likely to continue in the absence of a material trade war or economic catalyst", Richey told MarketWatch.

U.S. crude oil inventories increased during the week ending November 8, the U.S. Energy Information Administration (EIA) said in a report on Thursday.

The inventory numbers were released a day later due to Monday's federal holiday for Veterans Day.

Gasoline inventories rose by almost 1.9 million barrels, versus expectations for a drop of 1.17 million barrels. The American Petroleum Institute on Wednesday reported a decline of 541,000 barrels.

A deal between the OPEC (Organization of the Petroleum Exporting Countries) and allies, equivalent to Russian Federation, is limiting provides until March next year.

The API data said USA crude inventories declined by 541,000 barrels in the week ended November 8, against analysts' expectations of an increase of 1.6 million barrels. Petrol inventories increased by 2.3 million barrels according to the API.

Demand for crude oil from OPEC in 2020 will be 28.9 million bpd, the IEA forecast, 1 million bpd below the exporter club's current production. Analysts expected a build of 7 billion cubic feet, on average, by analysts polled by S&P Global Platts.

Stocks at the Cushing, Oklahoma, delivery hub for US crude futures fell 1.2 million barrels, their first fall after five weeks of builds, the EIA said, after the main artery for Canadian crude imports, the Keystone pipeline, was forced to shut due to an oil spill.

OPEC on Thursday pointed to a smaller surplus in the oil market next year although it still expects demand for its crude to drop as rivals pump more, building a case to maintain supply curbs at a meeting next month.



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