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Oil edges higher above $52 ahead of US stocks report

Opec, other producers are cutting output by about 1.8 mn bpd from Jan 17 until March18

Reuters  |  London 

Oil rose further above $52 a barrel on Wednesday ahead of a US inventory report expected to show crude stocks dropped for a sixth week, although gains were capped by doubts about compliance with Opec-led supply cuts. Crude inventories last week fell by 7.8 million barrels, more than expected, but gasoline stocks rose unexpectedly, data from the American Petroleum Institute (API) showed on Tuesday before the release of Wednesday's official numbers. Brent crude, the global benchmark, was up 34 cents at $52.48 at 1159 GMT, after two days of decline. US West Texas Intermediate ...

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First Published: Wed, August 09 2017. 18:27 IST