Oil prices up as US finally starts to curb supply
US commercial crude inventories fall by almost 13% from their March peak, which is ‘good news for Opec’ and the price of oil
London — Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the US. Brent crude oil was up 40c at $52.06 a barrel by 7.15am GMT. US light crude was 35c higher at $47.72. "US crude oil stocks have been falling consistently in recent weeks," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. "If the downtrend in oil inventories is maintained, then a bullish case can be made for oil, especially given the ongoing supply restrictions from oil cartel Opec and Russia." US commercial crude inventories have fallen by almost 13% from their March peaks, to 466.5-million barrels. US crude production has broken through 9.5-million barrels per day (bpd), its highest since July 2015, but analysts say growth may slow as US energy firms cut the number of rigs drilling for new oil. "It looks like the growth in US production is quickly running out of steam and, all else being equal, this should be good news for Opec and the price of o...
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