Oil rises on falling U.S. inventories, but high OPEC supplies still weigh

1 Aug 2017   Prices

SINGAPORE (Reuters) – Oil rose on Tuesday, supported by strong U.S. fuel demand, but ongoing high supplies from producer club OPEC kept prices in check. U.S. West Texas Intermediate (WTI) crude futures were at $50.32 per barrel at 0712 GMT, up 15 cents, or 0.3 percent, from their last close. Tuesday marked the first time U.S. crude has opened above $50 per barrel since May 25. Brent crude futures, the international benchmark for oil prices, were at $52.85 per barrel, up 13 cents, or 0.25 percent. “U.S. gasoline demand climbed to last year’s highs and U.S. inventories, notably on the East Coast, declined,” said French bank BNP Paribas. Overall U.S. commercial crude oil stocks have fallen by 10 percent from their late-March peaks to 483.4 million barrels, and seasonally adjusted they are now, for the first time this year, below 2016 levels. “Fears of a supply overhang have receded […]

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