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Oil rises for first time in seven days

Published 2016-06-16, 08:53 p/m
© Reuters. Oil rises for first time in seven days
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TOKYO, June 17 (Reuters) - Crude oil prices rose in early
Asian trade for the first time in seven days after a small
decline in stockpiles at the U.S. Cushing hub overrode concerns
about the impact of Britain's possible exit from the European
Union.
Brent crude futures LCOc1 were up 25 cents at $47.44 a
barrel at 0040 GMT. On Thursday, the contract fell 3.6 percent
to $47.19 per barrel.
U.S. West Texas Intermediate crude futures CLc1 rose 17
cents at $46.38. The previous session, the contract declined 3.8
percent to $46.21 a barrel.
Market intelligence firm Genscape on Thursday reported a
weekly decline of 76,317 barrels in stockpiles at the Cushing,
Oklahoma delivery point for WTI futures, traders who saw the
data said. In the previous week, Genscape reported a drawdown of
299,058 barrels at Cushing.
The British pound rose from a two-month low after
campaigning for next week's so-called Brexit vote was suspended
following the murder on Thursday of a U.K. member of parliament,
who was a vocal advocate for Britain to stay in the European
Union.
Commodities across the board also posted gains, while equity
benchmarks including Japan's Nikkei stock average rose.

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