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Oil higher as industry figures show big fall in U.S. crude stocks

Published 21/12/2016, 13:41
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Investing.com - Oil was higher Wednesday as industry figures showed a bigger-than-expected fall in U.S. crude stocks.
Brent crude added 17 cents, or 0.31%, to $55.52 at 08:00 ET. U.S. crude gained 25 cents, or 0.47%, to $53.55.
American Petroleum Institute data Tuesday showed a fall in U.S. crude inventories of 4.15 million barrels in the latest week.
Official Energy Information Administration figures due out Wednesday are forecast to show crude stocks falling by 2.5 million barrels.
The future of the market will depend on the extent to which producers adhere to agreed output cuts.
OPEC has agreed to reduce production by 1.2 million barrels a day and non-OPEC producers by 558,000 barrels.
Libya, which was exempt from cuts, is looking to boost its production.
The dollar index was lower. A weaker dollar boosts demand for oil.

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