OIL MARKET NEWS

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Oil prices fell in early trade on Thursday, with Brent futures struggling to defend USD 50 per barrel as fears over strike outages in Norway faded and as Nigeria's production improved. 

 

International Brent crude oil futures were trading at USD 50.10 per barrel at 0126 GMT, down 51 cents, or 1 percent, from their last settlement. US West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.76 %, at USD 49.50 a barrel. 

 

The US Energy Information Administration reported on Wednesday that crude stockpiles fell 4.1 million barrels in the week to June 24, the sixth consecutive week of drawdowns, to 526.6 million barrels. 

 

US crude oil production was at 8.62 million bpd, down from a peak of over 9.6 million bpd in June 2015. In the Middle East, OPEC's second biggest producer Iraq is set to see output fall for a second straight month in June. Iraq's seaborne exports in the first 29 days of June have averaged 3.14 million bpd, according to loading data tracked by Reuters and an industry source. That would be down 60,000 bpd from May.

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