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Oil prices rally on inventory draw forecasts

Xinhua, June 8, 2016 Adjust font size:

Oil prices kept rising Tuesday as investors expected U.S. crude stockpiles to fall for a third straight week.

Analysts expect U.S. crude stockpiles fell by 3 million barrels in the week ended June 3, according to a Bloomberg survey Tuesday.

U.S. official stockpiles data was scheduled for release by the Energy Information Administration on Wednesday

Meanwhile, production of Nigeria's Bonny Light crude has fallen by an estimated 170,000 barrels per day (bpd) following recent attacks on pipeline infrastructure, according to media reports Monday.

Oil prices have surged about 90 percent from a multi-year low in February on a weaker U.S. dollar, a continued slide in the U.S. output and unexpected disruptions.

The West Texas Intermediate for July delivery increased 0.67 U.S. dollar to settle at 50.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery gained 0.89 dollar to close at 51.44 dollars a barrel on the London ICE Futures Exchange. Enditem