Oil price rally fades
A modest rally for global oil prices faded during the course of Thursday as traders weighed up a fall in US crude production against persistent concerns over high crude stockpiles.
Brent North Sea crude for delivery in November stood at $48.12 a barrel in late London deals, down 25 cents compared with Wednesday's close. The contract had been up by about a dollar around midday Thursday.
US benchmark West Texas Intermediate (WTI) for November delivery was up 13 cents at $45.12 a barrel in Thursday trading, although its gain had totalled more than a dollar earlier in the session.
Ahead of key US jobs figures Friday, traders digested news of a drop in US crude production in data published Wednesday.
"Mixed signals (for the market)... as US production continues to decline while OPEC produced above its 30 million (barrels) a day quota for the 16th month in September," noted Bernard Aw, a strategist at IG Markets trading group.
© 2015 AFP