Oil rises in price against the background of data on the unexpected drop in US inventories
Oil prices rose on Wednesday after a report that the stocks in the US were down a fifth week in a row, but the quotes are near the mark of $ 50, which many traders believe the fair value.
By 8.33 GMT, futures for US WTI crude rose by 0.94 percent to $ 49.15 per barrel.
Traders said the rise in prices is mainly due to the data of the American Petroleum Institute (API), which on Tuesday showed that US crude inventories probably fell last week, showing a decline in the fifth week in a row.
Energy Information Administration (EIA) will publish official statistics on Wednesday, but analysts polled by Reuters expect the agency reported an increase in inventories by 2.6 million barrels for the week ended September 30th.
Brent crude oil futures traded on the international oil markets at $ 51.30 per barrel, or 0.85 per cent higher than the previous close.
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