Oil climbs for sixth day, near eight-week highs on U.S. crude stock declines

29 Jul 2017   Prices

Oil prices extended a rally into a sixth day on Friday, hovering near 8-week highs on a decline in U.S. inventories and OPEC’s ongoing efforts to curb production to ease a global glut. Brent crude futures were up 2 cents, or 0.04 percent, at $51.51 per barrel at 0059 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 3 cents, or 0.06 percent, at $49.07 per barrel. “Crude oil prices rose further as the focus remained on fundamentals. This week’s better-than-expected inventory drawdown in the United States continued to support prices,” ANZ bank said in a note. U.S. crude stocks fell sharply by 7.2 million barrels in the week July 21 due to strong refining activity and an increase in exports, according to data from the Energy Information Administration (EIA). [EIA/S] Brimming U.S. crude supplies have been a challenge to production cuts to prop up […]

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