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MTECHTIPS:- Oil prices rise on expected drop in U.S. crude inventories

Thursday, January 5, 2017 2:22

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MTECHTIPS:- Oil prices rise on expected drop in U.S. crude inventories

MTECHTIPS- Oil prices ticked higher on Wednesday on expectations that U.S. crude inventories have dropped and on signs that the world’s top oil exporters will stick to agreed output cuts that took effect this week. Global benchmark Brent crude futures (LCOc1) rose 28 cents to $55.75 a barrel, a 0.5 percent gain by 10:51 a.m. Eastern. U.S. West Texas Intermediate crude futures (CLc1) gained 25 cents, or 0.5 percent, at $52.58 a barrel. Both benchmarks recovered some losses from the previous day – when the U.S.-dollar (DXY) hit a 14-year peak and knocked oil from 18-month highs – as the greenback dipped on Wednesday, making dollar-denominated fuel purchases in other currencies cheaper. [/USD] Weekly U.S. industry and government reports are expected to show a 1.7 million-barrel crude draw for last week, analysts polled by Reuters said ahead of the data due late Wednesday and on Thursday. [EIA/S] “We are expecting a draw,” said Tariq Zahir, managing member of Tyche Capital Advisors in New York

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