Oil prices rise on falling US crude stocks, Saudi supply cut to Asia

By REUTERS
May 11, 2017 11:13
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SINGAPORE - Oil prices rose on Thursday, and Brent was firmly back over $50 per barrel, as a fall in US crude inventories and a more severe than expected cut in Saudi supplies to Asia tightened the market.

Brent crude futures, the international benchmark for oil prices, were at $50.33 per barrel at 0039 GMT on Thursday, up 11 cents, or 0.2 percent, from their last close.

US West Texas Intermediate (WTI) crude oil futures were trading at $47.46 per barrel, up 13 cents, or 0.3 percent from the last settlement.

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