Oil prices extend gains after drop in U.S. stockpiles

17 Mar 2017   Prices

Crude oil prices rose on Thursday to extend gains from the previous session after official government data showed U.S. stockpiles had eased from record highs. Prices surged on Wednesday after a slew of market reports and official data offered some hope that a near three-year global glut in oil is coming to an end, albeit more slowly than many have anticipated. The market was also buoyed after the Federal Reserve raised interest rates in line with expectations but did not signal any pick-up in the pace of further rises. U.S. West Texas Intermediate (WTI) crude was up 39 cents, or 0.8 percent, at $49.25 a barrel by 0734 GMT, having surged 2.4 percent in the previous session while posting its first increase in eight days. Brent futures climbed 47 cents, or 0.9 percent, to $52.28. They had […]

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