Crude Oil Prices Move Lower with US Inventory Data in Focus

Oil prices are expected to remain steady as the market rebalances in 2018

Oil prices are expected to remain steady as the market rebalances in 2018

Brent crude futures, the global benchmark for oil prices, were trading at $56.75 per barrel at 0649 GMT, up 14 cents, or 0.25 percent, from their last close.

Prices dropped after the American Petroleum Institute reported on Wednesday that US crude stocks rose by to 468.5 million barrels last week, disappointing expectations for a drop of 400,000 barrels.

Brent also rose 2 percent the previous day.

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Crude oil inventories fell 2.7 million barrels in the October 6 week to 462.2 million, 2.5 percent below the level a year ago, the Energy Information Administration (EIA) said in its weekly report Thursday.

In its monthly report, OPEC points the market could find support this northern Winter due to the low reserves of destilated fuel and previsions of colder temperaturas, fact that would increase the demand for heating purposes.

Elsewhere, were up 0.18% at $1.610 a gallon, while advanced 0.73% to $2.910 per million British thermal units.

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Separately, U.S. President Donald Trump was expected Thursday to announce a de-certification of the 2015 nuclear deal with Iran, putting its future into question.

"This means OPEC must deepen its production cuts to finish its job of bringing oil stocks back to the five-year average", Fritsch said.

High U.S. production is pushing increasing volumes of U.S. crude into world markets, feeding inventories and undermining OPEC's efforts to tighten the market.

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"Our updated global supply-demand balance ... shows peak stock draws in 3Q17", Goldman Sachs said in a note to clients. For 2018, oil demand is expected to rise by 420,000 bpd vs 400,000 bpd previously.

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