Oil Prices Move Northwards On Fall In US Inventories

Oil Prices Inched Up In The Thursday’s Trade Owing To Fall In US Inventories. Also, The More Oil Supply Cut By The Saudi Arabia In The Asian Markets Have Helped The Oil Prices To Rally Upwards.(Bonazcapital)
 The Fall In US Inventories As Reported Recently Was The Biggest Fall In The Past One Year. As Per The US Energy Information Administration, The Crude Inventories In The US Fell 5.2 Million Barrels In The Week To May 5. The Brent Crude Futures Were Trading Up By 0.2% At USD 50.33 Per Barrel As Of 0039 GMT.
 The US West Texas Intermediate (WTI) Crude Oil Futures Were Trading Higher By 0.3% At USD 47.46 Per Barrel.(Bonazcapital)
 The Organization Of The Petroleum Exporting Countries (OPEC) And Other Producers Including Russia Have Pledged To Cut Output By Almost 1.8 Million Barrels Per Day (Bpd) During The First Half Of The Year.


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