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Oil rises to $61 on Libyan supply cut, U.S. inventories

The Address | Benghazi – Libya

LONDON – 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 by 0947 GMT. 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.



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