Oil prices rose to near eight-week highs on Wednesday, as a fall in US inventories bolstered expectations that the long-oversupplied market was moving toward balance. Brent crude futures rose 40 cents to $50.60 a barrel by 1213 GMT, after rallying more than 3 percent on Tuesday. U.S. West Texas Intermediate futures climbed 50 cents to $48.39 a barrel. U.S. crude stockpiles fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, the industry group the American Petroleum Institute said on Tuesday. Crude ...
Oil prices plunge as drop in US inventories encourage more production
Current oil price rally could encourage more production, particularly from the US: Analysts