Oil rises more than 1% on smaller-than-expected rise in crude stocks
SINGAPORE - Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.
Brent crude LCOc1 rose by 46 cents, or 0.9%, to $51.58 per barrel by 0734 GMT, while U.S. West Texas Intermediate CLc1 was up by 37 cents, or 0.8%, at $47.15 per barrel. U.S. crude stocks rose modestly last week, less than what analysts had expected, while U.S. oil exports surged to more than 4 million barrels per day for the first time since December, suggesting a rise in overseas demand. [EIA/S]
Russia has instead proposed keeping the existing cuts by the group until the end of the second quarter, sources said.
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