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Oil Prices Rise on U.S. Stock Draw But Economic Worries Remain

Posted by Chris Advincula on Jul 7, 2016 6:37:18 AM


(July 7 Reuters) Oil prices edged higher on Thursday for a second day, supported by a report of another fall in U.S. crude oil inventories and a weaker U.S. dollar, although a glut of refined products and economic growth concerns continued to loom over the market.

Brent crude oil futures were trading at $49.50 per barrel at 0857 GMT on Thursday, 70 cents above their last settlement. U.S. West Texas Intermediate (WTI) crude was trading at $48.08 per barrel, up 65 cents from its last close.

Traders said that a report of a reduction in available U.S. crude oil stockpiles was the main price driver, along with a slight weakening of the U.S. dollar, which makes oil more affordable for holders of other currencies.

The American Petroleum Institute (API) said its data showed U.S. crude stockpiles fell by 6.7 million barrels last week, declining for a seventh week in a row.

Click on the link below to see the full story from Reuters: (by Libby George)

Oil prices rise on U.S. stock draw but economic worries remain





Topics: commodities, crude oil, WTI, West Texas Intermediate crude oil, Brent


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