Singapore, 8 October (Argus) — Crude futures firmed in today's after-hours trade, recovering some of the big losses yesterday as a weaker US dollar and lower US crude stocks provided support.
At 08:30 GMT the front-month Nymex November WTI crude contract was at $70.19/bl, higher by 62¢/bl from its close yesterday when the contract ended $1.31/bl lower.
The Ice November Brent crude contract rose by 67¢/bl to $67.87/bl.
Nymex November heating oil rose by 1.84¢/USG to $1.7995/USG, while Nymex November RBOB gasoline rose by 1.75¢/USG to $1.7378/USG.
US EIA data yesterday showed an unexpected drop in crude inventories, defying market expectations of an increase. But the EIA also reported a rise in US gasoline and distillates stocks, stoking fears about future demand.
Also supportive for oil prices was a weaker US dollar with the prospect of US interest rates remaining low.
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