Oil rises 26 cents, settling at $52.14, after surprise drop in US crude stockpiles

cnbc

Global oil prices fell on Wednesday while U.S. crude rallied, after crude stockpiles unexpectedly drew with refiners coming back online following Hurricane Harvey last month. U.S. crude for November delivery ended Wednesday’s session up 26 cents at $52.14, but stayed below five-month highs. Brent crude futures were down 68 cents, or 1.2 percent, at $57.76 a barrel by 1:38 p.m. ET (1838 GMT), slipping from 26-month highs. Both benchmarks remained on track for monthly gains on stronger demand as refiners along the U.S. Gulf Coast ramped up production after Harvey crippled capacity.

U.S. crude inventories fell by 1.8 million barrels in the week to Sept. 22, the U.S. Energy Department said. Analysts had forecast an increase of 3.4 million barrels…

Read more : CNBC, 26.09.2017