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Oil ends up; refined products draw offset U.S. crude build

14 October 2016 02:32 (UTC +04:00)

Baku-APA. Oil prices settled up on Thursday after a U.S. government report showing hefty draws in diesel and gasoline offset the first crude inventory build in six weeks, APA reports quoting Reuters.

Crude prices fell initially when the U.S. Energy Information Administration (EIA) said crude stocks swelled 4.9 million barrels in the week ended Oct. 7. It was the first crude build since the end of August and was far above a 700,000-barrel rise forecast by analysts in a Reuters poll. [EIA/S]

Prices bounced back as the market turned its attention to product inventory drawdowns in the same EIA data. The EIA reported a drop of 3.7 million barrels for distillates, which include diesel and heating oil, and 1.9 million barrels decline for gasoline.