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Oil seesaws after big rally, more range-bound trading seen

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10/29/2015 | 11:59am EST
A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma

HOUSTON (Reuters) - Oil prices was little changed in volatile trading on Thursday as traders tried to discern market direction a day after the biggest rally in two months amid continuous builds in crude supply.

Crude markets pared earlier gains in the session as disappointing U.S. economic data curbed investor enthusiasm after Wednesday's 6 percent price spike.

A falling dollar <.DXY>, however, limited the downside, as commodities priced in the greenback, including oil, became more affordable for users of the euro and other currencies. [USD/]

U.S. crude <CLc1> was up 20 cents, or 0.4 percent, at $46.14 per barrel by 12:35 p.m. EDT (1635 GMT), after trading between $45.16 and $46.79. It had rallied nearly $3 rally in the previous session.

Brent <LCOc1>, the global oil benchmark, was down 5 cents at $49, trading between $48.17 and $49.38.

U.S. economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to work off an inventory glut, data showed.

That and other sluggish macroeconomic data cut into some of oil's early gains, suppressing the bullish sentiment from Wednesday fuelled by U.S. crude inventory builds that came in smaller than feared.

The U.S. government had reported a 3.4 million-barrel crude build in line with some traders expectations, but below the 4.1 million-barrel hike cited by industry group the American Petroleum Institute. [EIA/S] [API/S]

Stockpiles of gasoline and distillates, which include diesel, also fell more than expected.

Traders and analysts said oil prices could be rangebound in the coming week as growing crude stockpiles offset unseasonably strong demand for gasoline and other products.

"We are now firmly back in the $43-$49 trading band that has dominated since the start of September," said David Thompson at Powerhouse, an energy-specialized commodities broker in Washington.

(Additional reporting by Barani Krishnan in New York, Aaron Sheldrick in Tokyo and Dmitry Zhdannikov in London; Editing by Dale Hudson and Marguerita Choy)

By Koustav Samanta

Stocks mentioned in the article
ChangeLast1st jan.
BP P.L.C. 1.45% 5.58 Delayed Quote.-0.36%
BP PLC -1.22% 466 Delayed Quote.-6.17%
GROUPE SEB -3.82% 136.1 Real-time Quote.20.66%
HOLOSFIND 0.00% 0.02 Real-time Quote.0.00%
MADE -3.45% 5.6 Real-time Quote.107.41%
RISE, INC. 0.00% 29 End-of-day quote.52.63%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED -0.41% 487 End-of-day quote.-25.31%
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