Oil prices edge up as drop in U.S. crude stocks eases glut worries

18 Mar 2017   Prices

An oil derrick and wind turbines stand above the plains north of Amarillo, Texas, U.S., March 14, 2017. Oil prices edged up on Friday as a drawdown in U.S. crude inventory eased concerns about a global supply glut. Brent crude was up 7 cents, or 0.14 percent, at $51.81 per barrel at 8.21 p.m. ET, after closing the previous session down 7 cents at $51.74. U.S. West Texas Intermediate crude (WTI) was up 11 cents, or 0.23 percent, at $48.86 a barrel. Official data showed crude inventories in the United States, the world’s top oil consumer, fell last week as imports plunged, dropping after nine consecutive increases. [EIA/S] Crude stockpiles fell by 237,000 barrels in the week to March 10, beating analyst expectations for an increase of 3.7 million barrels. “Saudi Arabian Energy Minister Khalid Al-Falih continued to express concern about high global inventories,” ANZ said in a note. […]

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