Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. Brent crude futures, the international benchmark for oil prices,were at $51.83 per barrel at 0340 GMT, up 17 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.53 a barrel, up 16 cents, or 0.3 percent. “U.S. crude oil stocks have been falling consistently in recent weeks. If the downtrend in oil inventories is maintained, then a bullish case can be made for oil, especially given the ongoing supply restrictions from OPEC and Russia,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com.
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Written by Christopher Johnson at Reuters