WTI Crude
50.43
Brent Crude
56.58
Natural Gas
2.96

Brent oil climbs above $50 for first time since early June

Written by Libby George @ Reuters

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LONDON (Reuters) – Brent crude oil rose above $50 per barrel for the first time since early June on Thursday, adding to gains made the previous session when falling U.S. crude and oil product inventories lifted the market.

Brent futures LCOc1, the international benchmark for oil prices, stood at $50.10 at 1257 GMT, 40 cents up from their last settlement.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.42 per barrel, 30 cents higher.

Both benchmarks were trading at their highest since June 7 after rising more than 1.5 percent in the previous session on a report showing U.S. crude and fuel inventories fell last week.

U.S. crude inventories USOILC=ECI dropped by 4.7 million barrels in the week to July 14, according to the Energy Information Administration, more than analysts’ forecast of a 3.2-million-barrel decrease.

Gasoline stocks fell by 4.7 million barrels, well above expectations for a 655,000-barrel drop. Middle distillate inventories fell by 2.1 million barrels, versus expectations for a 1.2-million-barrel increase.

“The marked reduction in gasoline and distillate stocks drove crack spreads to multi-month highs, which points to high crude oil processing and a further inventory reduction in the coming weeks,” Commerzbank said in a note.

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Written by Libby George @ Reuters

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