Oil Higher on Inventory Drop

August 16, 2017 Share Print 0

Oil prices edged up on Wednesday, lifted by declining U.S. crude inventories, although markets were still restrained by general oversupply.

Market focus was turning to the release of official U.S. Energy Information Administration data later on Wednesday for a further update on inventories.

Brent crude futures were at $51.06 per barrel at 0651 GMT, up 23 cents, or 0.45 percent, from their last close.

Reuters

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Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.