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Global oil rises on U.S. inventory draw as OPEC beckons

Reuters  |  New York 

By Julia SimonNew York (Reuters) - Oil prices rose on Wednesday after U.S. government data showed a decline in domestic crude inventories and strong refining activity in the world's largest oil consumer, ahead of next week's meeting of major oil producers.The Energy Information Administration said U.S. crude stocks declined for the sixth straight week. Gasoline and distillate inventories also declined. Brent crude rose 87 cents and stood at $52.52 per barrel by 11:31 a.m. EDT (1531 GMT). U.S. light crude rose 71 cents to $49.37 a barrel.U.S. crude inventories fell by 1.8 million barrels for ...

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First Published: Wed, May 17 2017. 21:23 IST