Singapore — Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectation of a drawdown in US oil stocks and as a rise in shale oil production shows signs of slowing. Brent crude futures had risen 36c or 0.7% to $50.56 a barrel by 3.32am GMT, after rallying more than 3% on Tuesday. US West Texas Intermediate futures climbed 46c or 1% to $48.35 a barrel. US crude stocks fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories declined by 10.2-million barrels in the week ending July 21 to 487-million, compared with expectations for a decrease of 2.6-million barrels. The market has been buoyed by Saudi Arabia’s announcement at a meeting of the Organisation of the Petroleum Exporting Countries (Opec) and non-Opec producers on Monday that it would limit crude exports to 6.6-million barre...
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