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Oil Goes Higher Ahead of Supply Reports from USA

May 24, 2016 at 18:57 by Vladimir Vyun

Crude oil turned positive today as traders were waiting for supply data from the United States. The American Petroleum Institute will release its report during the US trading session on Tuesday while government data from the Energy Information Administration will come out on Wednesday. Forecasters estimated that the EIA report will show a drop by 1.7 million barrels.

Prices rose even though there were negative factors affecting crude. Among them were strikes in France due to the disagreement between the government and unions regarding the labor laws reform. The conflict has disrupted work of refineries, limiting demand for crude oil.

Futures for delivery of WTI crude oil in July climbed as much as 1.31% to $48.71 per barrel as of 18:45 GMT on NYMEX today. Brent crude gained 0.87% to $48.77 per barrel on ICE.

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