Oil prices rise, helped by lower US inventories
Twilight News / Oil prices rose on Thursday, boosted by a report on a new drop in US crude stocks and a weak dollar, despite continued influenced by market pressures caused by a glut in the supply of refined products and concerns about economic growth.
By 0712 GMT, futures have been trading for crude International benchmark Brent crude at $ 48.96 a barrel on the low price of $ 49.17 per barrel recorded in early trading, but a rise of 17 cents from the previous settlement. The price of West Texas Intermediate crude to $ 47.67 a barrel, a rise of 24 cents from the previous close.
Traders said a report on the decline of available stocks of crude in the United States is the main driver of prices. American Petroleum Institute data showed that inventories fell by 6.7 million barrels last week, representing a decline for the seventh consecutive week. Analysts also pointed to the decline in the value of the US currency as one of the reasons for high oil prices, but traders warned that the economic slowdown and a glut in the supply of refined products cast a shadow over oil markets. Data on Thursday showed a decline in industrial production in Germany unexpectedly in May by 1.3 percent in the strongest monthly decline since August 2014, indicating that Europe's largest economy lost momentum in the second quarter after a strong start at the beginning of the year surprise