Oil Prices Rally Ahead of EIA's Weekly Supply Report
Wednesday,
12-Dec-2018
04:54 PM (IST)
In commodity markets, the U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended December 7.Analysts expect the EIA to report a drop of around 3.0 million barrels in crude supplies. If confirmed, it would be the second straight weekly decline in domestic oil inventories.The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped by 10.2 million barrels last week.U.S. West Texas Intermediate crude futures were up 97 cents, or 1.9%, at $52.61 a barrel, while international Brent crude oil futures rallied 99 cents, or 1.6%, to $61.19 per barrel.
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