Oil rises on drop in US stock and Libyan supplies ahead of Opec meeting
New York — Oil prices rose on Wednesday, supported by both a drop in US crude inventories as well as a loss in Libyan supplies, but were under pressure ahead of an oil cartel Opec meeting that may increase global production. Brent crude futures for August delivery edged up 33c, or 0.4%, to $75.41 a barrel by 3.50pm GMT. US West Texas Intermediate (WTI) crude futures for the July contract, which expires on Wednesday, rose $1.27, or 2%, to $66.34 a barrel. WTI futures for August delivery gained $1.30 to $66.20. US crude oil stockpiles dropped sharply last week while petrol and distillate inventories grew as refineries’ crude runs rose to their highest on record seasonally, the Energy Information Administration (EIA) said. US crude inventories fell 5.9-million barrels, compared with analysts’ expectations for a 1.9-million drop, as crude runs rose to 17.7-million barrels per day (bpd), the highest on record for this time of year, the EIA data showed. "What you’ve continued to see here ...
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