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Oil rises supported by a report on drop in US crude stocks
Date: 10/05/2016 10:43
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Information / Baghdad ..
Oil prices surged in early trading on Wednesday after a report of a possible drop in US stocks for the fifth consecutive week, but crude futures remain close to the level of $ 50, which he sees a lot of traders are currently a fair value of oil.
By 0649 GMT, ascended WTI futures to $ 49.22 a barrel, up 53 cents or 1.1 percent from the last adjustment.
And increased global London Brent crude to $ 51.38 a barrel, up 51 cents, or about one percent.
Traders said the higher prices are due in large part to a report from the American Petroleum Institute released late Tuesday showed that crude oil inventories in the United States fell more likely for the fifth consecutive week by 7.6 million barrels.
And it will announce the US Energy Information Administration official figures for stocks today, but analysts polled by Reuters had expected the administration to increase crude oil inventories report showing increased by 2.6 million barrels in the week ending Sept. 30. Finished / 25 p.
http://almaalomah.info/2016/10/05/economic/92242
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