Oil climbed towards $50 a barrel as signs of growing U.S. fuel demand means more refinery purchases seen helping ease a glut in American crude stockpiles.
Futures in New York advanced after rising 2.4 percent Wednesday, when U.S. government data showed that gasoline inventories dropped more than expected. Additionally, refineries boosted the amount of crude they processed by the most in almost three years. That helped overshadow a gain in American output and stockpiles that have undermined production curbs this year by OPEC and its partners.
While U.S. crude inventories rose last week, they increased by less than they were expected to, signaling that more oil is being pulled out of storage. That optimism and an unexpected disruption in Libyan production has helped drive prices up 3.7 percent over the past two sessions, their longest stretch of gains in more than a month. They had slid last week to the lowest since November as increasing American supplies countered output cuts by other producers.
“The weekly U.S. oil statistics were bullish,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. With OPEC sticking to its output accord and oil-product inventories falling, a “bullish cocktail is in the making.”
West Texas Intermediate for May delivery was at $49.83 a barrel on the New York Mercantile Exchange, up 32 cents, at 9 a.m. Central time.The contract gained $1.14 to $49.51 on Wednesday.
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ParamountEnterprises with a renowned brand .PARENTNashik is an ISO 9001:2015 certified company, listed in major leading manufacturers, suppliers & exporters of resistance spot welding consumables, spares, weldparts in Nashik – India.
PARENTNashikis younger energetic, with highly skilled engineering group having extensive more than 2-decade experience in resistance spot welding supplies and installed latest technology machining facility at works, manufacturing all sorts of resistance gun spot welding spares &consumables.
Product know-how more than 20 years of experience in resistance spot welding
Design, optimization & production of special spares, parts
Products that meet all international quality standards & requirements.
Productionline having next-generation CNC machinery.
Express production service available
Resistance Welding Consumables &Spot Welding Gun Spare WeldParts Offered:-
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.PARENTNashikalso offers variety of unique refractory metals for resistance spot-welding like Elkonite- Tungsten, Tungsten copper, molybdenum,graphite, TZM tipped electrodes.
Presentlysatisfied customers are in India, Malaysia, Middle East, Europe-France, Spain, Italy, and USA.
Headline crude prices for the week beginning 16 September 2019 – Brent: US$69/b; WTI: US$63/b
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