(PROVIDES UPDATE TO PREVIOUS REFERENCE TO U.S. EIA)
Oil prices steadied on Friday after a week of volatile trading, shedding early gains on profit-taking ahead of the New Year holiday as global crude benchmarks hovered near their lowest levels in more than a year.
Brent crude oil was down 17 cents at $51.99 U.S. a barrel by 10:52 a.m. ET, having earlier risen more than 3%. It had dropped 4.2% on Thursday.
U.S. light crude advanced 15 cents at $44.76 U.S., after rising 3.6% in early trade.
Both benchmarks are set for their third straight week of losses.
Oil prices fell to their lowest levels in almost 18 months this week and are down more than 20% for the year, depressed by rising U.S. supply and concern over global economic growth.
U.S. crude inventories rose 6.9 million barrels to 448.2 million barrels in the week to Dec. 21, according to the American Petroleum Institute. The U.S. Energy Information Agency said Friday that U.S. crude inventories were down by 46,000 barrels in the week to Dec. 21. Gasoline stocks rose by three million barrels, compared with analysts’ expectations in a poll for a gain of 28,000 barrels.
The United States emerged as the world’s biggest crude producer during 2018, pumping 11.6 million barrels per day, more than both Saudi Arabia and Russia.
Earlier this month, the Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to cut output by 1.2 million bpd, or more than 1% of global consumption, starting in January.
Russian Energy Minister Alexander Novak said on Thursday that Russia would cut its crude output by between three million and five million tonnes in the first half of 2019 as part of the deal.
Novak also told reporters the U.S. decision to allow some countries to trade Iranian oil after putting Tehran under sanctions was one of the key factors behind the OPEC deal.
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