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Crude oil prices were flat Wednesday morning, holding recent gains after industry data showed a surprise drop in US crude oil inventories.
Domestic stockpiles fell by 761,000 barrels at the end of last week, the American Petroleum Institute (API) estimated Tuesday, compared with a 2 million barrels build expected.
The EIA is out with the government's official data this morning at 10:30 am ET.
WTI light sweet crude oil was up 1 cent at USD51.90 a barrel, having touched the highest since April.
On the economic front, the Commerce Department's Durable Goods Orders for August will be issued at 8.30 am ET. The economists are looking for growth of 1.5%.
The National Association of Realtors' Pending Home Sales Index for August will be published at 10.00 am ET. The consensus is for a decline of 0.2%, narrower than 0.8% in the prior month.
Opec and its partners are discussing a proposal to cut oil output by up to 1.4 million barrels per day (bpd) for 2019, three sources familiar with the issue said, a larger reduction than previously t
Oil prices fell more than 1 per cent on Tuesday, with benchmark Brent crude slipping below $70 per barrel and US crude under $60, after US President Donald Trump put pressure on Organisation of the P
Reducing oil production to maintain market balance could be necessary in the not too distant future, a Kuwaiti official warned on Sunday. OPEC ministerial talks held here revealed commitment to reduc
Opec member countries, primarily the UAE and Saudi Arabia, are ready to meet global oil market needs in case of any politically-motivated fall in supply, said Suhail bin Mohammed Faraj Faris Al Mazro
Oil extended a run of declines after falling into a bear market, heading for its longest losing streak on record. Futures in New York fell for a 10th day, extending a dramatic plunge that’s dragged