Crude prices hover close to eight-week maximums on lower US stocks

Crude prices hover close to eight-week maximums on lower US stocks

On Thursday, crude prices were sitting below 8-week maximums, underpinned by hopes that a steeper-than-expected sag in American crude inventories will diminish global oversupply.

Brent crude futures sagged 0.1% being worth $50.91 a barrel, having soared 1.5% in the previous session.

US West Texas Intermediate futures sagged 0.1% trading at $48.69 a barrel.

The previous week American crude stocks went down abruptly because refineries stepped up output and imports dropped, while gasoline shares slumped and distillate inventories decreased, as the Energy Information Administration informed on Wednesday.

The 7.2 million barrel sag in oil inventories by July 21 surpassed the 2.6 million barrel prediction.

This week a number of American shale producers including Hess Corp, Anadarko Petroleum as well as Whiting Petroleum announced their initiative to restrict spending this year due to low crude prices.

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