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

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

Benchmark Brent crude LCOc1 settled 43 cents higher at $48.72 a barrel while U.S. light crude CLc1 settled up 38 cents to $46.46 a barrel."



'via Blog this'