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Oil rises on US crude inventory draw, falling Chinese output

International Brent crude futures were at $52.14 a barrel, up 46 cents, or 0.89 per cent

Reuters  |  Singapore 

Oil prices rose on Wednesday, lifted by a report of a drop in US crude inventories and declining production in China, while an upbeat OPEC statement on its planned output cut also supported the market. A slightly weaker dollar boosted oil as well, traders said, as it makes fuel purchases cheaper for countries using other currencies, potentially spurring demand. US West Texas Intermediate (WTI) crude oil futures were trading at $50.73 per barrel at 0326 GMT, up 44 cents, or 0.87 per cent, from their last settlement. International Brent crude futures were at $52.14 ...

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First Published: Wed, October 19 2016. 09:22 IST