Oil prices rise for 3rd straight session after report of falling US crude stockpiles

Oil prices rose for a third straight session on Wednesday as a reported fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance.

Brent crude futures were up 17 cents to $50.37 a barrel by 7:05 a.m. ET (1105 GMT). U.S. West Texas Intermediate futures climbed 28 cents to $48.17 a barrel.

Both contracts rose to eight-week highs earlier in the session and rallied more than 3 percent on Tuesday.

U.S. crude stocks fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories declined by 10.2 million barrels in the week ending July 21 to 487 million, compared with expectations for a decrease of 2.6 million barrels.
more detail at:  http://www.cnbc.com/2017/07/25/oil-adds-to-rally-on-optimism-over-declining-stocks.html

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