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Crude Oil Nudges Above USD53 A Barrel Ahead Of EIA

Wed, 12th Apr 2017 13:42

WASHINGTON (Alliance News) - Crude oil futures were slightly higher Wednesday morning as closely watched industry report said US crude inventories fell last week.

For a second week in a row, the American Petroleum Institute said US inventories dwindled. This time, the API reported a 1.3 million barrel drawdown.

However, the more official numbers from the Energy Department last week showed another build in record high oil stockpiles. The EIA is out with its numbers the morning.

In economic news, US import prices fell 0.2% in March, matching expectations.

WTI light sweet crude oil was up 18 cents at USD53.18 a barrel, supported by concerns about supply interruptions from the Middle East in the wake of US action in Syria.

Copyright RTT News/dpa-AFX

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