Commodity Alert:Oil rises on report of lower U.S. crude inventories, stock market recovery
Oil prices rose amid a share market recovery and supported by a report that U.S. crude inventories fell last week, although analysts warned that soaring U.S. output and a seasonal demand drop could soon weigh on crude.
U.S. West Texas Intermediate (WTI) crude futures were at $64.04 a barrel. That was up 65 cents.The higher oil futures came after stock markets recovered some of their steep losses of previous days.The market was supported by a report by the American Petroleum Institute (API) saying that U.S. crude inventories fell by 1.1 million barrels in the week to Feb. 2 to 418.4 million barrels.A group of oil producers around OPEC and Russia have been withholding supplies since last year in order to tighten supplies and prop up prices. The cuts are set to last through 2018.
Source:Investing
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