Oil edges up

LONDON. — Oil edged further above $61 a barrel yesterday as a surprise drop in US crude inventories and the prospect of further market-supporting action by OPEC and its allies offset concern over the outlook for demand.
US inventories dropped by 1,7 million barrels in the week to October 18, and one analyst said stocks could fall further in coming weeks. OPEC and its allies meet in early December and could, officials have said, opt to deepen supply curbs. Brent crude LCOc1 was up 20 cents at $61,37 a barrel at 1335 GMT, having risen 2,5 percent on Wednesday. US West Texas Intermediate (WTI) crude CLc1 rose 11 cents to $56.08. — Reuters.

Source :

The Herald

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