Crude oil prices were lower Thursday morning, trimming big gains from the previous session after a Saudi oil official projected increased global demand.
Saudi Arabia also aims to boost its refinery capacity in an effort to diversify its economy, the kingdom’s oil minister Ali al-Naimi said Wednesday.
Still, a significant supply glut and lingering concerns about the health of the global economy continue to weigh on oil prices.
A weekly report from the U.S. Energy Information Administration showed U.S. crude oil inventories to have jumped 8.4 million barrels in the week ended February 20, while analysts expected an increase of 3.7 million barrels.
April crude oil was down 76 cents at $50.23 a barrel, staying away from a 6-year low near $44 set a few week ago.
The material has been provided by InstaForex Company – www.instaforex.com