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Oil prices extend gains after big U.S. inventory draw

Xinhua, May 11, 2017 Adjust font size:

Oil prices kept rising Thursday as investors continued to cheer over a bigger-than-expected drawdown in U.S. crude stockpiles.

U.S. crude inventories fell by 5.2 million barrels last week, notching the biggest one-week drop in U.S. inventories so far this year, the U.S. Energy Information Administration (EIA) reported Wednesday.

Meanwhile, Iraq and Algeria reportedly said Thursday they were in favor of extending the crude output cut deal. Most analysts expect the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers to extend the deal until at least the end of the year, when they meet on May 25.

The West Texas Intermediate for June delivery rose 0.50 U.S. dollar to settle at 47.83 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.55 dollar to close at 50.77 dollars a barrel on the London ICE Futures Exchange. Enditem