– WTI oil futures inch higher but remain below $50

MTECHTIPS:- WTI oil futures inch higher but remain below $50

West Texas Intermediate oil futures inched higher on Thursday, but prices held below the $50-level amid ongoing concerns over a global supply glut. On the New York Mercantile Exchange, crude oil for September delivery tacked on 27 cents, or 0.54%, to trade at $49.45 a barrel during European morning hours. On Wednesday, Nymex oil futures fell to $49.04, a level not seen since April 2, before closing at $49.19, down $1.67, or 3.28%. Oil’s losses on Wednesday came after the release of disappointing weekly data on U.S. oil inventories. Crude oil inventories unexpectedly rose by 2.5 million barrels last week to 463.9 million, according to the U.S. Energy Information Administration. Market analysts’ expected a crude-stock fall of 2.3 million. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 813,000 barrels last week, above forecasts for an increase of 300,000. New York-traded oil futures have been under heavy pressure in recent weeks as worries over high domestic U.S. oil production weighed. According to industry research group Baker Hughes (NYS:BHI), the number of rigs drilling for oil in the U.S. declined by seven last week to 638, snapping two weeks of gains. However, U.S. oil production has held around 9.6 million barrels a day, the highest level since the early 1970s. Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery inched up 7 cents, or 0.13%, to trade at $56.21 a barrel after hitting an intraday low of $55.90, the weakest level

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