Oil settles up before API reports surprise U.S. crude build
Oil prices settled higher on Tuesday after OPEC detailed supply cuts around the world, but the cartel also said overall production rose in May, and crude stayed well below $50 a barrel despite the modest recovery. Following the close, crude prices slipped after industry group the American Petroleum Institute said crude stocks rose by a surprising 2.8 million barrels for the week to June 9, counter to forecasts for a 2.7 million-barrel drawdown. Benchmark Brent crude (LCOc1) settled 43 cents higher at $48.72 a barrel while U.S. light crude (CLc1) settled up 38 cents to $46.46 a barrel.
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