Economic news

Oil prices flat as market becomes more balanced

Oil futures firmed on Thursday after U.S. data showed a huge drop in crude inventories but also a rise in output.

October Brent crude was flat at $50.27 per barrel. WTI for delivery in September slipped 5 cents to $46.73.

According to data from Energy Information Administration (EIA), crude stockpiles have slumped by almost 13 percent from their top in March to 466.5 million barrels.

At the same time, U.S. output leaped by 79,000 barrels per day (bpd) to over 9.5 million bpd last week.

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