Oil seesaws; Wall Street tumble offsets Cushing draw data
US equities' key S&P 500 index hit session lows as prices of industrial stocks fell on concerns of slowing global economic growth.
By PTI | Updated:
NEW YORK: Oil prices seesawed on Thursday as tumbling stock prices on Wall Street offset bullish sentiment from inventory draws at the US crude delivery hub cited by a market data provider.
US equities' key S&P 500 index hit session lows as prices of industrial stocks fell on concerns of slowing global economic growth.
That pared the gains in oil, which rallied earlier on data from market intelligence firm Genscape suggesting a drawdown of 625,000 barrels out of the Cushing, Oklahoma delivery point for US crude in the week to Sept. 22.
"There was a technical bounce after the Genscape numbers were noticed by the market, though there were also new lows from sell-stops after the S&P tanked," said Peter Donovan, broker at New York's Liquidity Energy.
Brent was last up 35 cents, or 0.7 per cent, at $48.10 a barrel by 11:48 a.m. EDT (1548 GMT). It fell 35 cents at the session low and rose 72 cents at the peak.
US crude traded at $44.65, up 17 cents, or 0.4 per cent, moving in a similar range as Brent.
US crude tumbled 4 per cent on Wednesday after a large build in gasoline stockpiles offset the bullish impact of a crude drawdown for the week to Sept. 18 reported by the US Energy Information.
The Cushing inventory reduction reported by Genscape on Thursday followed through with the 462,000-barrel drop the EIA reported for the hub for the week to Sept. 18.
US equities' key S&P 500 index hit session lows as prices of industrial stocks fell on concerns of slowing global economic growth.
That pared the gains in oil, which rallied earlier on data from market intelligence firm Genscape suggesting a drawdown of 625,000 barrels out of the Cushing, Oklahoma delivery point for US crude in the week to Sept. 22.
"There was a technical bounce after the Genscape numbers were noticed by the market, though there were also new lows from sell-stops after the S&P tanked," said Peter Donovan, broker at New York's Liquidity Energy.
Brent was last up 35 cents, or 0.7 per cent, at $48.10 a barrel by 11:48 a.m. EDT (1548 GMT). It fell 35 cents at the session low and rose 72 cents at the peak.
US crude traded at $44.65, up 17 cents, or 0.4 per cent, moving in a similar range as Brent.
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US crude tumbled 4 per cent on Wednesday after a large build in gasoline stockpiles offset the bullish impact of a crude drawdown for the week to Sept. 18 reported by the US Energy Information.
The Cushing inventory reduction reported by Genscape on Thursday followed through with the 462,000-barrel drop the EIA reported for the hub for the week to Sept. 18.
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