Oil gains on US crude stocks fall, OPEC comments on slower US shale growth
Oil rose on Thursday after industry data showed a surprise drop in US crude inventories, while comments from an OPEC official about lower-than-expected US shale production growth in 2020 also provided some support.
Prices, however, were capped by mixed signs for oil demand in China, the world’s biggest crude importer, as industrial output rose more slowly than expected in October, but oil refinery throughput hit the second-highest level ever.
Brent futures rose 47 cents, or 0.8%, to per cent 62.84 per barrel by 0808 GMT, while US West Texas Intermediate crude gained 47 cents, or 0.8%, to reach per cent 57.59.
