Crude Prices Rise

Crude Prices RiseCrude Prices Rise

Oil prices ticked higher on Wednesday on expectations that US crude inventories are falling and signs that oil producers will stick to agreed output cuts that took effect this week.

Global benchmark Brent crude futures were up 10 cents at $55.57 a barrel. The contract reached an 18-month high in the previous session, but a strong dollar has shaved off most of those gains, Reuters reported. US West Texas Intermediate crude futures were trading at $52.42 per barrel, up 9 cents.

"Positive equities and gains in industrial metals this morning, as well as expectations that US crude oil stocks will show a decline ... are ingredients helping to drive a slight gain in Brent crude," said Bjarne Schieldrop, chief commodities analyst at SEB Markets in Oslo.

Weekly US statistics on oil stocks are expected to show a 1.7-million-barrel draw on Thursday, analysts polled by Reuters said.

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