TOKYO: Oil futures rose on Thursday after official figures showing US crude inventories fell more than expected, but the market is clearly settling into a range amid quiet trading, analysts said.Brent crude, the global benchmark , was up 18 cents, or 0.3 per cent, at $52.88 at around 0617 GMT, after falling slightly earlier. It closed up 1.1 per cent on Wednesday, snapping two days of declines.US West Texas Intermediate (WTI) crude was up 16 cents, or 0.3 per cent, at $49.72, after declining earlier. The contract gained 0.8 per cent in the previous session. "All the crude that was drawn was basically run through the refineries and this resulted in a gasoline build of 3.4 million barrels," said Matt Stanley, a commodities broker at Freight Investor Services in Dubai. "The minute Opec try and raise prices by cutting production the US producers will react accordingly to fill the void.

Source: Economic Times August 10, 2017 04:18 UTC