Brent crude oil prices are rising above $50 a barrel

 
Courtney Goldsmith
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High Oil Prices Continue To Drive Gas Prices Steadily Upwards
Brent crude prices haven't been at $50 in weeks (Source: Getty)

Brent crude oil prices edged above $50 a barrel today, supported by a larger than expected drawdown in US stockpiles yesterday.

The global benchmark rose 0.8 per cent to $50.10 per barrel in afternoon trading.

Meanwhile, the price of the US benchmark, West Texas Intermediate (WTI), rose 0.62 per cent to $47.41 a barrel.

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Crude stocks lifted around 1.5 per cent each yesterday after the US Energy Information Administration (EIA) reported a sharp drawdown in US oil inventories.

US inventories dropped by 4.7m barrels in the week to 14 July, while analysts were predicting a 3.2m drawdown.

"Most importantly, the EIA also reported production at a lower level than in recent weeks, supporting the rally," said analysts at Accendo Markets.

Gasoline stocks also dropped by 4.7m barrels whereas analysts had expected a decrease of 655,000 barrels.

Brent crude prices have not been as high as $50 since early June.

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