Oil higher as industry figures show big fall in U.S. crude stocks

Oil higher as industry figures show big fall in U.S. crude stocks

Oil was greater Wednesday as industry figures demonstrated a larger-than-expected fall in U.S. crude stocks.

Brent crude added 17 cents, or .31%, to $55.52 at 08:00 ET. U.S. crude acquired 25 cents, or .47%, to $53.55.

American Oil Institute data Tuesday demonstrated an autumn in U.S. crude inventories of four.15 million barrels within the latest week.

Official Energy Information Administration figures going to be out Wednesday are forecast to exhibit crude stocks falling by 2.5 million barrels.

The way forward for the marketplace is determined by the level that producers stick to agreed output cuts.

OPEC has decided to reduce production by 1.two million barrels each day and non-OPEC producers by 558,000 barrels.

Libya, that was exempt from cuts, is searching to improve its production.

The dollar index was lower. A less strong dollar boosts interest in oil.

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