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Oil prices above $50, buoyed by U.S. stock draw

Published 2016-06-21, 08:54 p/m
© Reuters. Oil prices above $50, buoyed by U.S. stock draw
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TOKYO, June 22 (Reuters) - Oil prices rose in early Asian
trading on Wednesday, with U.S. crude joining Brent above $50 a
barrel after data from the American Petroleum Institute (API)
showed a larger than expected draw on stocks.
U.S. crude futures' August contract CLQ6 , the new front
month from Wednesday, had climbed 35 cents to $50.20 a barrel by
0039 GMT. That marked the first time it had risen above $50
since June 10.
Brent crude futures LCOc1 were up 25 cents at $50.87 a
barrel, after settling down 3 cents at $50.62 on Tuesday.
U.S. crude inventories fell by 5.2 million barrels for the
week ended June 17, the API said. The trade group's figures were
triple the draw of 1.7 million barrels forecast by analysts in a
Reuters poll. API/S
The U.S. government's Energy Information Administration will
issue official stockpile data on Wednesday. EIA/S
Markets remain jumpy over the possibility the United Kingdom
will vote to leave the European Union on Thursday in a
referendum, with polls showing little difference between the
"remain" and "leave" camps.
The dollar clung onto modest gains early on Wednesday after
Federal Reserve Chair Janet Yellen held the line of "gradual
increases" in U.S. rates, while sterling's short-covering rally
lost momentum a day ahead of the referendum. FRX
Japan's Nikkei .N225 was down nearly 0.7 percent in early
trading, while gold prices XAU= edged lower.


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