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Oil prices rise on crude stock draw, U.S. economic data

Published 2015-08-26, 09:18 p/m
© Reuters. Oil prices rise on crude stock draw, U.S. economic data
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By Meeyoung Cho
SEOUL, Aug 27 (Reuters) - Oil prices climbed early on
Thursday on an unexpected fall in U.S. crude inventory last
week, but a stronger dollar dragged.
U.S. crude's front-month contract CLc1 had risen 59 cents
to $39.19 a barrel by 0115 GMT, after settling down 71 cents, or
1.8 percent, at $38.60 a barrel on Wednesday.
Front-month Brent LCOc1 , the global oil benchmark, gained
64 cents to $43.78 a barrel, having ended down 7 cents at
$43.14.
"The local region is ... shrugging off some of the currency
impact, instead pricing in the draws on inventory and a better
than expected industrial outlook," said Michael McCarthy, chief
market strategist at CMC Markets in Australia.
U.S. crude inventories USOILC=ECI fell 5.5 million barrels
in the week to Aug. 21, the biggest one-week decline since early
June, data from the Energy Information Administration showed on
Wednesday. That was in line with the industry group the American
Petroleum Institute's late-Tuesday report. EIA/S API/S
Analysts had expected an increase of 1 million barrels.
In other financial markets, a rebound on Wall Street helped
soothe investors' tattered nerves, while the dollar rallied as
risk aversion eased. MKTS/GLOB
Data released on Wednesday showed U.S. non-defence capital
goods orders excluding aircraft increased 2.2 percent in July,
the biggest rise since June last year and handily beating
expectations. ECONUS

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