Oil rose towards $52 a barrel on Wednesday, hitting its highest since June, supported by an industry report that U.S. inventories probably fell for a fifth straight week and OPEC’s deal to cut supply.
The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped 7.6 million barrels, which would be the fifth straight weekly decline if confirmed by U.S. Energy Information Administration (EIA) data on Wednesday.
Brent crude was trading at $51.83 a barrel, up 96 cents, at 1204 GMT. The global benchmark touched $51.87 during the session, its highest since June 10. U.S. crude CLc1 was up 91 cents at $49.60.