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Oil prices trade mixed
Oil prices traded mixed. WTI crude oil was supported by U.S. GDP data. The U.S. Commerce Department released gross domestic product (GDP) figures on Wednesday. The U.S. final GDP soared 3.9% in the second quarter, up from the revised estimate of a 3.7% growth, after a 0.2% decline in the first quarter.
The upward revision was partly driven by an upward revision to consumer spending and business investment.
Data by Genscape Inc. also supported oil prices. The company said on Thursday that crude stocks at the Cushing, Oklahoma, declined by more than 500,000 barrels in the week ending September 22.
The weak consumer price inflation data from Japan weighed on oil prices. Japan's national consumer price index (CPI) remained unchanged at an annual rate of 0.2% in August.
Japan's national CPI excluding fresh food declined to an annual rate of -0.1% in August from 0.0% in July, in line with expectations.
WTI crude oil for November delivery increased to $45.32 a barrel on the New York Mercantile Exchange.
Brent crude oil for October declined to $48.38 a barrel on ICE Futures Europe.
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