Mcx Tips, Free Gold Tips, 99% Sure Crude Oil Tips, Free Silver Tips, 100% Sure One Day Free Trial By www.expertcommodity.com

Oil rises to $61 on Libyan supply cut, U.S. inventories by www.expertcommodity.com

Oil rose to about $61 a barrel on Wednesday, supported by an industry report showing a drop in U.S. crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output.

The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped by 10.2 million barrels last week, more than analysts had forecast. Official inventory figures are due later on Wednesday.

Brent crude (LCOc1), the global benchmark, rose $1.07 to $61.27. It has still fallen by almost a third since early October. U.S. crude (CLc1) gained 99 cents to $52.64.

"The oil market is regaining further ground this morning in the wake of a bullish API report," Stephen Brennock of oil broker PVM said, although he sounded a note of caution.

"After all, the fundamental outlook in early 2019 is still plagued by a supply surplus and is therefore not conducive for a sustained price rally."

Click Here: www.expertcommodity.com

Oil has been supported this week by the supply loss in Libya, which declared force majeure on exports from the country's largest oilfield on Sunday after tribesmen and state security guards seized the facility.

The Libyan cutback follows last week's decision by the Organization of the Petroleum Exporting Countries and some non-OPEC producers including Russia to cut supply by 1.2 million barrels per day (bpd) for six months from Jan. 1.

"The OPEC+ deal from last week will allow more of a bullish position to be taken up by some market participants from this point," analysts at JBC Energy said in a report.