Oil Turns Positive as Market Awaits EIA Data
Surprise rise in U.S. API crude stocks weighs on prices; investors await U.S. EIA inventory data later on Wednesday. Oil prices strengthened on Wednesday ahead of U.S. crude inventory data that could give investors a clue as to whether an OPEC-led output cut is making progress in reducing the persistent global supply overhang. Brent crude was up 33 cents at $51.98 per barrel by 1100 GMT. U.S.
Oil Gains on Seasonal Demand, U.S. Shale Outlook
Oil prices rose by around $2 on Tuesday, topping $64 a barrel as higher seasonal demand in developed economies and expectations of falling U.S. shale production reduced the impact of a large global supply overhang. Brent for July delivery was up $1.95 at $64.64 a barrel at 1324 GMT, having settled down 62 cents in the previous session. Front-month U.S.
