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Oil up after stockpiles fall

30th July 2015

Oil prices were up on Thursday after a large-than-expected reduction in US stockpiles alleviated some of the recent downward pressure.

Brent crude surged 1.35 per cent in London to trade just above $54 a barrel.

US light crude for September delivery rose 0.7 per cent to trade above $49 a barrel, after the Energy Information Administration said US crude stockpiles fell by 4.2 million barrels in the week to July 24th.

Oil also got some support as the Wall Street Journal reported that Saudi Arabia could reduce output by up to 300,000 barrels a day over the next two months.

Elsewhere, gold was lower after the Federal Reserve indicated it is on course to raise rates this year.

The US dollar climbed after the US central bank’s two-day policy meeting, rising by a cent against the euro and hitting its strongest in a week against a basket of other currencies

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.