Oil steady on EIA weekly data; Trump orders higher sanctions on Iran

The US Energy Information Administration reported that crude inventories rose by 1.06mn barrels for the week ended Sep 13 vs. drawdown expectations of 2.5mn barrels.

Sep 19, 2019 06:09 IST India Infoline News Service

Crude Oil

Oil prices were steady on Thursday in Asia following the first US inventory buildup in a month.

US Crude Oil WTI Futures gained 0.3% to $58.22/bbl, while International Brent Oil Futures traded 0.2% higher at $63.70/bbl, according to investing.com.

The US Energy Information Administration reported that crude inventories rose by 1.06mn barrels for the week ended Sep 13 vs. drawdown expectations of 2.5mn barrels.

Further, US President Donald Trump said that he ordered the Treasury Department to “substantially increase” sanctions on the country, saying that he has enough reason to believe that Iran was behind the drone attacks.

Meanwhile, Saudi Arabia said it woud restore full supply by the end of September and that it has managed to restore supplies by drawing from its inventories, according to Reuters.

Moreover, Saudi's Energy Minister Abdulaziz bin Salman assured the world that the country's supply was barely affected and that its production would be higher than pre-attack levels by November.

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