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Oil Update: Oil prices inch higher as US stockpiles fall

Oil prices rose in the early trade across Asia as the reports revealed the US stockpiles had fallen more than expected.

Brent crude, the global benchmark, was up 8 cents, or 0.15 percent,at $52.78 at 0015 GMT. It closed 1.1 percent higher on Wednesday, snapping two days of declines.

U.S. West Texas Intermediate (WTI) crude was up 8 cents, or 0.2 percent, at $49.64, after rising 0.8 percent in the previous session.

U.S. crude inventories fell 6.5 million barrels last week, the government data showed, steeper than the expected decrease of 2.7 million barrels.

But a surprise increase in gasoline stocks is capping gains in oil prices and tempering attempts by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers to boost prices that are about half of levels three years ago.

They are cutting output by about 1.8 million barrels per day (bpd) under an agreement set to run until March 2018.

Posted on: 2017-08-10T12:35:00+05:00
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