PHOTO: REUTERS
Oil prices edged higher Thursday after rallying the previous session on news of a drop in US crude supplies.
The main global contracts for the commodity had surged more than 3.5% on Wednesday after the US Department of Energy reported inventories unexpectedly fell last week and imports sank.
The news stoked hopes that a plunge in prices, which has seen the Brent contract hit 11-year lows this week, may be coming to an end.
Around midday in London, Brent North Sea crude for delivery in February was up eight cents at $37.44 a barrel.
US benchmark West Texas Intermediate gained 19 cents to $37.69 compared with Wednesday’s close.
WTI meanwhile this week broke past Brent for the first time since January, after US lawmakers last week lifted a 40-year ban on crude exports, leading to hopes of a fall in supplies.
Published in The Express Tribune, December 25th, 2015.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ