Oil prices rise on report of U.S. crude stock draw

Oil prices rise on report of U.S. crude stock draw
 

Oil prices rose in early trading on Wednesday after a report that U.S. fuel inventories may have fallen for a fifth straight week, but contracts remained near the $50 marker where many traders currently see fair value for crude.
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $49.18 per barrel at 0014 GMT, up 49 cents, or 1 percent, from their last settlement.
Traders said the higher prices were largely a result of a report by the American Petroleum Institute (API) late on Tuesday showing that U.S. crude inventories likely fell for a fifth straight week, declining by... read more

 
5 October 2016 in Business, Views: 48
Source: Reuters
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