Crude oil prices were flat Thursday morning after being hammered in the previous session.
A stronger dollar and speculation that OPEC will continue record production despite waning demand has hurt oil prices.
U.S. Crude oil for November was up 10 cents at $44.58 a barrel. Prices fell more than 4 percent yesterday, and have fallen nearly 65% from its peak in August 2014.
U.S. crude stockpiles dropped by 1.9 million barrels to 454 million, the EIA reported Wednesday. Inventories were forecast to fall by 1.25 million, as rigs in the Gulf of Mexico continue shutting down.
Norway’s central bank cut its key interest rate to 0.75% from 1% on Thursday. The move comes in response to worries about the impact of low crude prices on the nation’s economy.
The material has been provided by InstaForex Company – www.instaforex.com