Barrel closes stable after falling inventories in the US

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Crude oil pumps operate at the Daqing field, China. August 22, 2019. REUTERS / Stringer. ATTENTION EDITORS – THIS IMAGE WAS DELIVERED BY A THIRD PART

NEW YORK (Reuters) – Oil prices closed with few changes on Thursday, as fear of a slowdown in global demand growth due to doubts about a resolution of the trade dispute between the United States and China was offset by a strong decline in crude oil inventories in the United States.

* Brent crude, the world benchmark, closed at $ 60.95 per barrel, up 25 cents, while West Texas Intermediate (WTI) crude gained 4 cents to end the session at $ 56.30.

* Inventories of crude oil, gasoline and distillates in the United States fell in the last week, said the Energy Information Administration (EIA). (EIA / S)

* Crude oil stocks fell 4.8 million barrels, almost double the analyst's expectations, to 423 million barrels, their lowest level since October 2018.

* "It is definitely a bullish report," said Bob Yawger, director of energy futures at Mizuho in New York.

* Oil rose more than 2% after the EIA report, but gradually reduced those gains throughout the session.

* China and the United States agreed Thursday to hold high-level talks in early October in Washington.

* "Even with the announcement that they are going to restart trade talks, there is still uncertainty regarding that issue and also fear of a slowdown in demand growth, which basically prevents the market from rising," said Gene McGillian, vice president of Market Research from Tradition Energy in Stamford, Connecticut.

Additional report by Aaron Sheldrick; Edited in Spanish by Rodrigo Charme

Our Standards:The Thomson Reuters principles



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https://lta.reuters.com/articulo/mercados-petroleo-idLTAKCN1VQ2OY

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