Oil remains flat lined in Asia

Omkar Godbole FXStreet Contributor

Oil prices are trading steady on both sides of the Atlantic as strong demand is being matched by higher output.

Currently, WTI oil is flat lined around $48.77/barrel, while Brent oil is trading 13 cents lower around $51.97/barrel.

IEA says oil stocks are now below 2016 levels

Prices are being supported by the International Energy Agency IEA report, which says oil stocks are now below 2016 levels. However, inventories still above 5-year average. The agency also raised its demand growth forecast to 1.5 million barrels per day (bpd) from 1.4 million bpd.

However, supplies are pretty much keeping pace with the growing demand conditions. Baker Hughes data released on Friday showed the drillers added boosted the rig count to 768, the most since April 2015.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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