Oil prices rose on Wednesday after a report of declining U.S. crude inventories ...
SINGAPORE - Oil prices rose on Wednesday after a report of declining U.S. crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump.U.S. West Texas Intermediate crude oil futures were at $55.89 per barrel at 0755 GMT, up 39 cents, or 0.7 percent, from their last settlement.
Official data will be released by the U.S. Energy Information Administration after 1800 GMT on Wednesday. “Crude oil futures bounced as OPEC members remained firm on planned production cuts despite heightened political pressure from U.S. President Trump early this week,” said Benjamin Lu of Singapore-based brokerage Phillip Futures.
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