TRADELINE LIVE CRUDE OIL NEWS UPDATE
UPDATE 2-Oil steadies amid Saudi tensions after plunge on jump in U.S. stockpiles
Oct 18Oil steadied on Thursday as support from ongoing tensions over the disappearance of a prominent Saudi journalist offset a big drop overnight due to a jump in U.S. crude stockpiles.
U.S. West Texas Intermediate crude for October delivery CLc1 was up 1 cent at $69.76 a barrel by 0650 GMT,
Front-month London Brent crude for December delivery LCOc1 was down 5 cents, or 0.1 percent, at $80.00, having ended down 1.7 percent.
U.S. crude stocks rose 6.5 million barrels last week, the U.S. Energy Information Administration said on Wednesday, the fourth straight weekly build and almost triple what analysts had forecast. EIA/S
Saudi Arabia denies that it had any role in Khashoggi’s disappearance. President Donald Trump said on Wednesday he did not want to abandon ally Saudi Arabia over the disappearance and has asked for audio recordings Turkish sources say indicate he was killed by Saudi agents. . Saudi Arabia curb exports to the United States, the latter, could adjust domestic supply-demand by replacing oil sources and reducing shale oil exports, Takashi Tsukioka, president of the Petroleum Association of Japan, told reporters on Thursday.
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