Oil Still Stuck Near Low Level

Crude oil prices traded in a narrow range at the beginning of the session on Wednesday, is close to the low level of 6-1 / 2 years after China's central bank took steps to prop up the economy, while concerns about oversupply limit gains. US stock index futures continue to decline at the beginning of the Asian session and foam Asian stocks appear defensive on Wednesday as monetary easing by China's central bank can not do much in restoring investor sentiment. ANZ said that China's interest rate cuts have calmed the commodity markets, but they are still worried and the increase will be limited.

US crude oil supplies fell as much as 7.3 million barrels last week to 449.3 million barrels, compared with analyst expectations for an increase of 1 million barrels in line with the increase in the number of operating refineries, according to data from the American Petroleum Institute on Tuesday. Data from the Energy Information Administration will be released later tonight. Iran will raise crude oil production levels and regain part of its oil exports as soon as international sanctions on OPEC members was revoked, according to the Iranian oil minister Bijan Zanganeh on Tuesday, while Nigeria also raised its oil exports.