Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week.
It's coming, we know that but we don't know when," Sycamore said, adding that both factors bring upside risks for crude oil.
In the U.S., crude oil and fuel stocks fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, against expectations of a build-up in crude stockpiles.
Crude stocks fell by 1.58 million barrels in the week ended Oct. 11, the sources said on condition of anonymity.
Gasoline inventories fell by 5.93 million barrels, and distillate stocks fell by 2.67 million barrels, they said.
Persons:
Tony Sycamore, Sycamore
Organizations:
Brent, U.S, West Texas, Organization of, Petroleum, International Energy Agency, China NPC, IG, Investors, American Petroleum Institute, Reuters, Energy Information Administration, U.S . Department of Energy, European Central Bank
Locations:
Almetyevsk, Tatarstan, Russia, Israel, Iran, China, Sydney, Beijing, U.S