Brent oil price raises above $53

Brent oil price raises above $53

Oil futures rose this morning after official figures showing U.S. crude inventories fell more than expected.

Brent crude was up 0.57% at $53 after falling slightly earlier.

WTI crude was up 16 cents (0.3%) at $49.72, after declining earlier. The contract gained 0.8% in the previous session, Reuters reported.

U.S. crude stockpiles fell last week as refineries boosted output to the highest percentage of capacity in 12 years, the Energy Information Administration said on Wednesday.

U.S. oil inventories dropped by 6.5 million barrels last week, the government data showed, steeper than the expected decrease of 2.7 million barrels.

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