Oil prices slightly higher 

Dhaka,  Mon,  25 September 2017
Published : 22 Aug 2017, 11:44:21

Oil prices edge up amid tightening supplies

Oil prices slightly higher 
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 per cent, from their last close, reports Reuters.

US West Texas Intermediate (WTI) crude futures were at $47.53 a barrel, up 16 cents, or 0.3 per cent.

US commercial crude inventories have fallen by almost 13 per cent from their March peaks, to 466.5 million barrels.

And although US crude production has broken through 9.5 million barrels per day (bpd), its highest since July 2015, analysts said growth may soon slow as US energy firms are cutting the amount of rigs drilling for new oil.

The OPEC together with non-OPEC producers has pledged to hold back around 1.8 million bpd of output between January this year and March 2018 in order to tighten supplies and prop up prices.

The weekly rollout of data on US inventories starts later on Tuesday, giving the market a chance to see if the recent downward trend is continuing.

Industry group the American Petroleum Institute publishes statistics on crude inventories and refinery operations for last week at 4:30 pm EDT (2030 GMT).

On Wednesday, it will be the turn of the US government's Energy Information Administration.

US crude inventories are expected to fall for an eighth straight week and drop by 3.4 million barrels, a preliminary Reuters poll showed on Monday.
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