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Oil turns positive as market awaits EIA 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 the persistent global supply overhang.Brent crude was up 33 cents at $51.98 per barrel by 1100 GMT. U.S. light crude rose 18 cents to $48.84. 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. 16:41 IST