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

17 Mar 2017   Prices

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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