Oil Edges Up As US Supplies Ease

Oil edges up as US supplies ease

SINGAPORE,(Pakistan Point News - 21st july,2016) - Oil prices edged up in Asia Thursday following US data showing a drop in inventories and tracking gains across regional markets, while traders await central bank policy meetings in Europe and Japan. The US Energy Information Administration said stockpiles fell 2.3 million barrels last week, a ninth-straight drop and offsetting a surprise increase in gasoline supplies during the peak US summer driving season. At about 0730 GMT, US benchmark West Texas Intermediate was up 19 cents, or 0.42 percent, at $45.94, while Brent crude rose 20 cents, or 0.42 percent, to $47.37.