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Oil up 1% on inventory draw, China data

Oil was up 1% Wednesday after weekly industry figures showed a surprise fall in stocks.
U.S. crude was up 69 cents, or 1,37%, at $50.98 at 07:00 ET, while gained 1.35% to $52.38.
American Petroleum Institute (API) figures Tuesday showed a drop in U.S. crude inventories of 3.8 million barrels to 467.1 million.
Energy Information Administration (EIA) figures are due out later Wednesday.
Chinese oil output fell in September, while third-quarter GDP grew 6.7%, lending further support.
OPEC secretary general Mohammed Barkindo said he was optimistic of the cartel agreeing to a planned output cut next month.
The dollar was index was lower. A weaker dollar supports demand for oil

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Source : All News

Oil up 1% on inventory draw, China data

Oil up 1% on inventory draw, China data

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