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Global oil rises ahead of U.S. inventory data

Reuters  |  LONDON 

By Sabina ZawadzkiLONDON (Reuters) - Oil prices strengthened on Wednesday ahead of U.S. crude inventory data that could give investors a clue as to whether an OPEC-led output cut is making progress in reducing a persistent global supply overhang.Brent crude was up 50 cents at $52.15 per barrel by 1330 GMT. U.S. light crude rose 39 cents to $49.05. Both benchmark prices started the day in negative territory after industry data from the American Petroleum Institute (API) estimated that U.S. crude stocks had risen by 882,000 barrels in the week ending May 12 to 523 million barrels. That defied ...

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First Published: Wed, May 17 2017. 19:24 IST