Oil rises in us crude inventories drop support

Hits count 22 date 05/10/2016-19:11

Economy News/follow.

Oil prices have escalated. early trading Wednesday, after a report on us stocks may drop for the fifth consecutive week, but crude contracts remained close to the level of $ 50, which he sees as many traders currently fair value of oil.

By 06:49 GMT ascended WTI futures to $ 49.22 per barrel increased 53 cents or 1.1 percent from the last adjustment.

Global measurement ore rose Brent to 51.38 dollars per barrel increased 51 cents or one percent.

Traders said the rise in prices is largely due to a report from the American Petroleum Institute released late Tuesday, showed that crude stocks in the United States probably fell for the fifth consecutive week by 7.6 million barrels.

Us energy information Administration will announce official figures for stocks, but analysts polled by Reuters predicted that the opinions Department report shows increase in crude stocks by 2.6 million barrels in the week ending September 30.

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