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July 19, 2016

Oil prices rise as investors await US crude stocks data

Oil prices have increased with investors watching for a signal from weekly crude stocks data in US on whether the oversupply was easing.

By Srivani Venna

Oil prices have increased with investors watching for a signal from weekly crude stocks data in US on whether the oversupply was easing.

Global benchmark Brent crude prices edged-up 20 cents at $46.86 a barrel, while the US West Texas Intermediate (WTI) crude increased 3 cents at $44.68 a barrel, Reuters reported.

Commerzbank commodities analyst Carsten Fritsch told the news agency: "It's a continuation of directionless trade. We need more clarity on where the oil market is heading.”

"We need more clarity on where the oil market is heading."

Investors are awaiting stockpile to be issued by the US Government's Energy Information Administration (EIA).

In case, the EIA confirms a drawdown, it will be the ninth straight week that the country’s crude inventories have fallen.  

Industry group, the American Petroleum Institute (API) reported that crude stockpiles declined by 2.3 million barrels last week.

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API reported a draw of 484,000 barrels for distillate inventories, including diesel, but highlighted a 805,000 barrels rise in gasoline.

Before the release of the last API report, oil prices increased by nearly 5%.

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