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Oil rises on reported US crude inventory draw, expected OPEC cut

International Brent crude futures were at $52.27 a barrel, up 59 cents, or 1.14 per cent

Reuters  |  Singapore 

Oil prices rose over 1 per cent on Wednesday, lifted by a report of falling US crude inventories and an OPEC statement saying a planned production cut was achievable, but analysts warned that Chinese economic data could erode bullish momentum. A slightly weaker dollar also supported oil, traders said, as it makes fuel purchases cheaper for countries using other currencies at home, potentially spurring demand. US West Texas Intermediate (WTI) crude oil futures were trading at $50.89 per barrel at 0118 GMT, up 60 cents, or 1.19 per cent, from their last ...

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First Published: Wed, October 19 2016. 06:58 IST
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