Crude prices are firm on upbeat mood over sagging stocks

Crude prices are firm on upbeat mood over sagging stocks

On Wednesday, crude prices firmed to keep to eight-week maximums reached in the previous trading session, on hopes of a drawdown in American stocks and a leap in shale crude output demonstrating signs of slowing.

Brent crude futures jumped 0.7% being worth $50.56 a barrel, having soared more than 3% on Tuesday.

American West Texas Intermediate futures grew 1% trading at $48.35 a barrel.

The previous week American crude stocks went down abruptly because refineries spurred output. At the same time gasoline inventories jumped and distillate stocks slid, as Tuesday’s data from industry group the American Petroleum Institute disclosed.

Crude inventories tumbled by 10.2 million barrels by July 21 to about 487 million, versus expectations for a tumble of 2.6 million barrels.

The market has been encouraged by Saudi Arabia's upbeat statement on Monday at a gathering of the Organization of the Petroleum Exporting Countries as well as non-OPEC participants that it would restrict oil exports to approximately 6.6 million barrels per day in August, thus dipping almost 1 million bpd from last year.

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