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Wednesday, 4 January 2017

Oil rises 2 percent amid expected draw in U.S. crude inventories | Reuters

Oil rises 2 percent amid expected draw in U.S. crude inventories | Reuters:
"Oil prices rose nearly 2 percent on Wednesday on expectations U.S. crude inventories have dropped and on signs that the world's top oil exporters will stick to agreed output cuts that took effect this week.

Global benchmark Brent crude futures LCOc1 rose 99 cents, or 1.8 percent, to settle at $56.46 a barrel. U.S. West Texas Intermediate crude futures CLc1 gained 93 cents to end at $53.26 a barrel, also a 1.8 percent gain.

In post-settlement trade, crude rose slightly after industry group the American Petroleum Institute reported that crude stockpiles fell 7.4 million barrels in the week ended Dec. 30."

'via Blog this'