Oil price rally fades

1st October 2015, Comments 0 comments

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.

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© 2015 AFP

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