Trade Magnates -Oil prices cut off losses on Thursday, after data from the U.S. Energy Information Administration showed that domestic crude stockpiles fell more than expected last week. U.S. WTI crude futures were down at $50.38 a barrel off Wednesday's more than one-week highs of $51.41. Prices were at around $50.27 prior to the release of the inventory data. Brent crude futures, have lost almost 1$ to 56.15$ per barrel.
While investors and market analysts expected a further decline of around 2 million barrels, the American Petroleum Institute reported an unexpected increase in supply of 3 million barrels last night.
The commodity strengthened earlier in the week, after Saudi Arabia announced plans on Monday to cut monthly exports in the coming month of November in an attempt to supress oversupply and stabilize the oil prices.
OPEC indicated in its monthly report that market rebalancing will continue amid forecasts that global oil demand will rise by around 30,000 barrels per day for this year and will continue in 2018.
The International Energy Agency indicated in its own monthly report on Thursday that global supply and demand for crude oil will be balanced next year.