Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in US petrol and distillate inventories.
Crude inventories fell by 2.8-million barrels in the week to June 24, far exceeding analysts’ expectations in a Reuters poll for a 569,000-barrel drop, US Energy Information Administration data showed, even as US petrol and distillate stockpiles climbed. But further disruptions to supply supported prices, the ANZ analysts said, amid the suspension of Libyan shipments from two key eastern ports, while Ecuador saw output fall due to ongoing protests.
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