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Oil rises on U.S. inventory draw as OPEC beckons

Reuters  |  New York 

By Julia SimonNew York (Reuters) - Oil prices settled at a two-week high on Wednesday after U.S crude inventories declined for the sixth straight week, a positive sign for markets ahead of next week's OPEC meeting, where major oil producers are expected to extend supply cuts.Talk that U.S. President Donald Trump could face the threat of impeachment weighed on the dollar , but also helped to lift greenback-denominated oil as it makes it cheaper for buyers in other currencies. [USD/]Brent crude settled 56 cents firmer at $52.21, a 1.1 percent gain, while U.S. light crude closed 41 cents ...

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First Published: Thu, May 18 2017. 00:54 IST