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MTECHTIPS:-Oil extends overnight gains to hit 7-day high

Thursday, September 22, 2016 3:00

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MTECHTIPS:-Oil extends overnight gains to hit 7-day high

MTECHTIPS- Oil prices rose to a more than one-week high during European hours on Thursday, extending strong overnight gains after data showed U.S. crude supplies fell for the third week in a row, boosting the demand outlook in the world’s largest oil consumer. Another supportive factor was an oil workers’ strike in Norway, which threatened to cut North Sea crude output, as well as broad weakness in the U.S. dollar. Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies. Crude oil for November delivery on the New York Mercantile Exchange rose to a daily peak of $45.88 a barrel, the most since September 13. It was last at $45.81 by 4:52 AM ET (08:52 GMT), up 46 cents, or 1.01%, after surging $1.29, or 2.93%, on Wednesday, following the release of mostly bullish U.S. stockpile data. According to the U.S. Energy Information Administration, crude oil inventories fell by 6.2 million barrels last week to 504.6 million, surprising market analysts who expected an increase of 3.35 million barrels. The report also showed that gasoline inventories tumbled by 3.204 million barrels, compared to expectations for a decline of 0.567 million barrels, while distillate stockpiles rose by 2.238 million barrels, compared to forecasts for an increase of 0.250 million

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