HONG KONG - Oil prices traded in a tight range on Friday in Asia, with few accents for investors after conflicting signals that hit the US market overnight.
US oil production fell 83,000 barrels per day last week to 9.1 million barrels per day, the lowest level since January. This is seen as a sign that the fall in oil prices has not gone unnoticed for the world's first economy, leading to a decline in output a few months later. However, US stocks continue to rise and remain high.
On the New York Mercantile Exchange, light crude oil futures for October delivery traded at $ 45.71 a barrel, down 21 cents from the Globex electronic session. Brent on the London Stock Exchange fell 5 cents to $ 48.84 a barrel.
The winter season is expected to increase oil demand and reduce inventories, which could help prices. Despite the pessimism about the Chinese economy, the demand for oil imports in the world's second largest economy remains quite robust.
Oil pulls back after conflicting signals from the US
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