Oil rises by the US report

23/02/2017 20:26

Oil prices rose on Thursday , more than a dollar a barrel after data showed a surprise drop in US crude stocks with a decline in imports, supporting the view that the global supply glut expire after the Organization of Petroleum Exporting Countries movements (OPEC) to cut production.

And it stepped up crude futures for global measurement Brent $ 1.08 to $ 56.92 a barrel before easing to $ 56.85 a barrel by 1315 GMT.

US light crude futures rose 1.05 dollars to 54.64 dollars a barrel.

Van and approaching the maximum range of the narrow circulation of four dollars , which since the beginning of this year , moving it reflecting the decline in volatility since the OPEC agreement and independent producers to cut production.

OPEC agreed and independent producers including Russia to cut production by about 1.8 million barrels a day in an attempt to get rid of oversupply that resulted in lower prices for more than two years.

The data from the American Petroleum Institute on Wednesday showed crude stocks fell 884 thousand barrels in the week ending February 17 to 512.7 million , while analysts expected increase of 3.5 million barrels.

But Tony Nunan , oil risk manager at Mitsubishi Corp. in Tokyo , said the breakthrough price ranges traded requires that the market sees signs of decline in OPEC , stocks
Noonan said , "It is a battle between the extent of OPEC cut production speed without shale oil can catch up with it."

"What OPEC should really do is to reduce inventories