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Oil near the highest level in 8 weeks with the decline of US stocks
Oil prices hit a fresh 8-week high on Thursday, buoyed by hopes of a shrinking supply of crude caused by a larger-than-expected decline in US stocks.
Brent crude futures fell 9 cents, or 0.1 percent, to $ 50.88 a barrel by 0655 GMT after rising nearly 1.5 percent in the previous session.
US WTI crude futures fell 8 cents, or 0.2 percent, to $ 48.67 a barrel.
US crude inventories fell sharply last week as refinery production increased and imports shrank.
The 7.2 million barrel decline in crude inventories in the week ending July 21 was higher than the 2.6 million bpd forecast.
http://economy-news.net/content.php?id=8452
Oil prices hit a fresh 8-week high on Thursday, buoyed by hopes of a shrinking supply of crude caused by a larger-than-expected decline in US stocks.
Brent crude futures fell 9 cents, or 0.1 percent, to $ 50.88 a barrel by 0655 GMT after rising nearly 1.5 percent in the previous session.
US WTI crude futures fell 8 cents, or 0.2 percent, to $ 48.67 a barrel.
US crude inventories fell sharply last week as refinery production increased and imports shrank.
The 7.2 million barrel decline in crude inventories in the week ending July 21 was higher than the 2.6 million bpd forecast.
http://economy-news.net/content.php?id=8452
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