Oil edges up

Dhaka,  Tue,  25 October 2016
Published : 12 Oct 2016, 13:10:03

Oil edges up

Oil edges up
TOKYO: Oil prices edged up 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 per cent, at $52.62 a barrel at 0639 GMT.

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

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

India's oil imports rose 4.4 per cent in September from the previous month to a record high 4.47 million barrels per day (bpd) as the country expanded its refining capacity to meet growing fuel demand in an expanding economy, shipping data showed.

Oil imports by the world's third biggest oil consumer surged 17.7 per cent from a year ago, according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts.-Asfar

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