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Positive data sends oil higher in early trade

Positive data sends oil higher in early trade
The US dollar index fell 0.07% - Photo Credit: Reuters

By Mahmoud Gamal

Mubasher: Oil prices moved up in Wednesday's early trade amid a decrease in USD value and US oil inventories.

By 3:50am GMT, Brent crude futures added 48 cents, or 0.93%, to $52.16 per barrel.

Crude oil WTI futures were placed at $50.77 a barrel, 0.95% or 48 cents higher, or 48 cents, as compared to earlier figures.

The US dollar index fell 0.07% to 97.81 against a basket of currencies.

Market analyst Bader Al-Otaibi said oil prices are backed by various positive statements and data that encourage traders to increase their positions and assure a strong desire to see higher oil prices in upcoming period.  

US crude inventories went down 3.8 million barrels in the week to 14 October, to stand at 467.1 million barrels, the American Petroleum Institute (API) revealed on Tuesday.

Mohammed Barkindo, secretary general of the Organisation of the Petroleum Exporting Countries (OPEC), stated that he feels "optimistic" about reaching a cut decision during the coming OPEC meeting on 30 November.