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Oil rises as US stocks fall
Oil prices rose on Wednesday, supported by a decline in US crude inventories, although overall supply surpluses still hold back markets.
The market is eyeing official data released by the US Energy Information Administration later on in search of more recent data on stocks.
Brent crude futures rose to $ 51.06 a barrel by 06:51 GMT, up 23 cents, or 0.45 percent, from the previous close.
US West Texas Intermediate crude futures rose to $ 47.71 a barrel, up 16 cents, or 0.3 percent.
The US Petroleum Institute said Tuesday that US oil inventories fell 9.2 million barrels in the week ending August 11 to 469.2 million barrels, compared with analysts' expectations of a decline of 3.1 million barrels.
But gasoline stocks rose 301,000 barrels, compared with analysts' expectations of a 1.1 million barrel drop.
The Organization of the Petroleum Exporting Countries (OPEC) and independent producers such as Russia have pledged to cut output by 1.8 million bpd between January this year and March 2018.
But the rise in US oil production, which has increased by about 12 percent since mid-2016 to 9.42 million bpd, is wiping out most of the cut.
http://economy-news.net/content.php?id=8671
Oil prices rose on Wednesday, supported by a decline in US crude inventories, although overall supply surpluses still hold back markets.
The market is eyeing official data released by the US Energy Information Administration later on in search of more recent data on stocks.
Brent crude futures rose to $ 51.06 a barrel by 06:51 GMT, up 23 cents, or 0.45 percent, from the previous close.
US West Texas Intermediate crude futures rose to $ 47.71 a barrel, up 16 cents, or 0.3 percent.
The US Petroleum Institute said Tuesday that US oil inventories fell 9.2 million barrels in the week ending August 11 to 469.2 million barrels, compared with analysts' expectations of a decline of 3.1 million barrels.
But gasoline stocks rose 301,000 barrels, compared with analysts' expectations of a 1.1 million barrel drop.
The Organization of the Petroleum Exporting Countries (OPEC) and independent producers such as Russia have pledged to cut output by 1.8 million bpd between January this year and March 2018.
But the rise in US oil production, which has increased by about 12 percent since mid-2016 to 9.42 million bpd, is wiping out most of the cut.
http://economy-news.net/content.php?id=8671
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