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Oil settles up before API reports surprise U.S. crude build

Reuters  |  NEW YORK 

By David GaffenNEW YORK (Reuters) - Oil prices settled higher on Tuesday after OPEC detailed supply cuts around the world, but the cartel also said overall production rose in May, and crude stayed well below $50 a barrel despite the modest recovery.Following the close, crude prices slipped after industry group the American Petroleum Institute said crude stocks rose by a surprising 2.8 million barrels for the week to June 9, counter to forecasts for a 2.7 million-barrel drawdown. [API/S]Benchmark Brent crude settled 43 cents higher at $48.72 a barrel while U.S. light crude settled up 38 ...

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First Published: Wed, June 14 2017. 02:28 IST