OPEC price rises as API reports drop in US fuel stocks

The price of OPEC basket of fourteen crudes stood at $44.79 a barrel on Tuesday, compared with $44.77 the previous day, according to OPEC Secretariat calculations.

Oil rose above $48 a barrel on Wednesday in response to a fall in US fuel inventories and a cut in the US government's forecast for crude output next year which raised hopes that a supply glut is easing.

US crude inventories fell by 8.1 million barrels, industry group the American Petroleum Institute said on Tuesday, much more than the forecast.

Official inventory data from the Energy Information Administration is due at 1430 GMT.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy( Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

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