Crude oil prices dip slightly

Crude Oil Prices Forecast: Mixed Technical Picture

"While there was a surprise drop in USA stockpiles, we should note that they have been steadily rising since January this year", Min Byungkyu, a global market strategist at Yuanta Securities Co., said by phone in Seoul.

WTI crude oil future -0.27% to $63.37/bbl at last check.

According to data from the US Energy Information Administration, the oil inventories in the US have reached their lowest level in the past two weeks.

Brent crude futures LCOc1 gained 31 cents to settle at $68.33 a barrel, and U.S. West Texas Intermediate crude CLc1 rose 17 cents to settle at $63.54 a barrel.

United Kingdom police arrest 78-year-old after burglar stabbed to death
They particularly want to speak to a second burglary suspect, who fled the scene. "I feel bad for the man that was burgled". Neighbours of the elderly man have defended his actions, saying he should not be punished for allegedly protecting himself.

Even after crude was propped up in February by rising geopolitical risks surrounding the USA and Middle East producer Iran, it's still struggling to recover to the highs of January, with concerns over a global trade war also weighing on prices. Analysts had forecast a decline of 1.134 million barrels. Buyers initially supported the markets because the American Petroleum Institute (API) reported a surprise draw of 3.28 million barrels of USA crude oil inventories for the week-ending March 30, after analysts had anticipated a modest build in crude oil inventories of 246,000. Movements in the equities markets have spilled over recently into commodities.

Oil prices were modestly higher on Thursday, helped by gains in USA equities markets as trade tensions between China and the United States eased, but the advance was limited by strength in the dollar.S.

Bullish market sentiment has been supporting the record net speculative length in ICE Brent futures, which hit a record high of 595,596, up 34,388 from the previous week, as the front-month contract hovered above $70/b during the reporting period ending March 27. Output from the Organisation of Petroleum Exporting Countries dropped to the lowest in a year in March. Gasoline stocks dropped by 1.1 million barrels, just under analysts' expectations for a drop of 1.1 million barrels.

Though this was largely thanks to the inexorable slide in Venezuela's oil production, figures are figures and the market is prone to take them at face value.

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