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Oil rises above $48 as API reports drop in U.S. fuel stocks

Reuters  |  LONDON 

By Alex Lawler and Ahmad GhaddarLONDON (Reuters) - Oil rose above $48 a barrel on Wednesday in response to a fall in U.S. fuel inventories and a cut in the U.S. government's forecast for crude output, despite suggestions from OPEC that the oil market will see a surplus next year.U.S. crude inventories fell by 8.1 million barrels last week, the American Petroleum Institute (API) said on Tuesday.Official inventory data from the U.S. government's Energy Information Administration (EIA) is due at 1430 GMT.Brent crude, the global benchmark, was up 73 cents at $48.25 a barrel by 1247 GMT. U.S. ...

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First Published: Wed, July 12 2017. 18:54 IST