CRUDE OIL STUCK BELOW USD45 ON GLOBAL SUPPLY GLUT

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WASHINGTON (Alliance News) – Crude oil futures were slightly higher Thursday morning despite concerns about the global supply glut.

Falling US inventories are putting a floor under oil prices that dropped below USD45 for the first time since May.

September crude oil was up 20 cents at USD44.85 a barrel.

Yesterday’s EIA report showed US stockpiles dwindled by 2.3 million barrels last week.

Still, the global supply glut appears to be worsening as Nigeria, Iran and Canada ramp up production.

The Labor Department is due to release its weekly jobless claims report for the week ended July 16th at 8:30 am ET. Economists expect claims to have increased to 265,000 from 254,000 in the previous week.

Copyright RTT News/dpa-AFX

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