NEW DELHI :
Breaking a six-day losing streak, crude oil prices started to climb up once again today on reports of decrease in US oil reserves. Last month, crude rates surged to over $70 a barrel after an attack on Saudi oil facilities impacted global crude supply.
Brent crude futures, the international benchmark for oil prices, was down 17 cents at $58.72 a barrel by 0846 GMT while US West Texas Intermediate (WTI) crude futures rose 13 cents to $53.75 a barrel.
Front-month WTI prices settled down for a sixth straight session on Tuesday, their longest losing streak this year. Prices were supported by the news of a drop in US manufacturing activity data.
Crude prices are now below where they were before the September 14 attacks on Saudi Arabia that temporarily halved the kingdom’s production. The strikes slashed daily output from the Organization of Petroleum Exporting Countries (OPEC) by 1.6 million barrels a day last month, the biggest drop in 16 years, according to a Bloomberg survey.
A report said the oil market has faced some of the worst supply disruptions in recent times and yet, Brent crude has averaged around $66 a barrel for most of 2019, far from a price which suggests the world faces an oil shortage.
In India, state-run fuel retailers chose not to increase the price of petrol and diesel by taking into the account the last six days of decline in crude rates.
In the meantime, Russian Energy Minister Alexander Novak said oil prices were stable for now but the market outlook was uncertain.