Oil Futures Slightly Lower in Subdued Trading
By Eric Yep
Crude-oil futures fell slightly in Asia Thursday as trading remained subdued in a well-supplied market.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at $93.57 a barrel at 0523 GMT, down $0.31 in the Globex electronic session. October Brent crude on London's ICE Futures exchange fell $0.13 to $102.59 a barrel.
Nymex crude-oil prices didn't react much to data that showed U.S. oil stocks fell 2.1 million barrels to 360.5 million barrels--the lowest level since Jan. 31--in the week ended Aug. 22.
"A crude stock decline was driven by continuing high refinery operations," BNP Paribas said in a report. However, crude stocks at the Nymex delivery point of Cushing, Okla., rose for a fourth successive week, by 500,000 barrels.
"Record-setting liquid fuels production growth in the United States has more than offset the growth of unplanned global supply disruptions over the past few years," the U.S. Energy Information Administration said.
It said U.S. liquid fuels production, including crude oil, grew by more than 4 million barrels a day from January 2011 to July 2014, offsetting supply disruptions of around 2.8 million barrels a day.
Oil markets remain complacent due to this rising supply.
On Wednesday, Kiev accused Moscow of sending tanks into rebel-held areas in eastern Ukraine and seizing several villages in a new offensive. In Iraq, the U.S. is planning a wider military campaign against Islamist militants with expanded airstrikes and humanitarian-aid drops.