Record Indian Oil Imports Spurs Further Oil Gains

Oil prices edged up on Wednesday, supported by record Indian crude imports and upcoming talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.

Brent crude futures were up 21 cents, or 0.4 percent, at $52.62 a barrel at 0639 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.3 percent, from their last settlement at $50.94 per barrel.

Traders said that prices were boosted by record Indian oil imports.


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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.