IV:U.S. oil futures little changed near 6-month low in subdued trade
Investing.com - U.S. oil futures were little changed near the previous session’s six-month low on Thursday, as investors remained concerned over rising U.S. inventories and increased production levels.
On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD92.29 a barrel during European morning trade, flat on the day.
New York-traded oil futures held in a range between USD92.09 a barrel, the daily low and a session high of USD92.40 a barrel.
The January contract tumbled to USD91.77 a barrel on Wednesday, the lowest since June 3, before ending 1.47% lower at USD92.30 a barrel.
Oil futures were likely to find support at USD91.37 a barrel, the low from June 3 and resistance at USD93.60 a barrel, the high from November 27.
Trade volumes were expected to remain light on Thursday, with Nymex floor trading scheduled to remain closed for the Thanksgiving Day holiday in the U.S. An abbreviated session was slated for Friday.
Wednesday’s losses came after a government report showed that U.S. oil supplies rose more-than-expected last week.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 3 million barrels last week to hit 391.4 million barrels, the most since June.
Domestic output rose to 8.02 million barrels a day, the highest level in almost 25 years.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for January delivery was little changed to trade at USD111.31 a barrel. The spread between the Brent and U.S. crude contracts stood at USD19.02 a barrel, the widest since March.
London-traded Brent futures remained supported amid ongoing concerns over a disruption to supplies from Libya.
