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Oil edges up on falling US crude stocks

August 16, 2017

Via: CNBC

Oil prices edged up on Wednesday, lifted by declining U.S. crude inventories, although markets were still restrained by excess supply.

Market focus was turning to the release of official U.S. Energy Information Administration data later on Wednesday for a further update on inventories.

Brent crude futures were at $51.05 per barrel, up 25 cents, or 0.49 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $47.72 a barrel, up 17 cents, or 0.36 percent.

U.S. crude inventories fell by 9.2 million barrels in the week to Aug. 11 to 469.2 million, industry group the American Petroleum Institute said on Tuesday.

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