MTECHTIPS;-Crude Oil Prices Settle Above $50, Shrugs off Uptick in Supplies

MTECHTIPS;-Crude Oil Prices Settle Above $50, Shrugs off Uptick in Supplies

MTECHTIPS- Oil prices settled higher on Wednesday, as bearish data showing U.S. supplies of crude oil rose more than expected was overshadowed by growing expectations that Opec will decide to extend its agreement to cut oil output. On the New York Mercantile Exchange crude futures for November delivery rose by 1.9% to settle at $50.41 a barrel, while on London's Intercontinental Exchange, Brent gained 1.99% to trade at $56.24 a barrel. A report from the Energy Information Administration (EIA) showing crude stockpiles rose more than expected last week briefly pared earlier gains amid growing investor optimism on a possible extension to the Opec-led agreement to cut oil output. Inventories of U.S. crude rose by roughly 4.6 m barrels in the week ended Sept. 15, confounding expectations of a rise  of about only 3.4 m barrels. It was the third weekly build in crude stockpiles. Gasoline inventories, one of the products that crude is refined into, fell by roughly 2.13 m barrels, missing expectations of a draw of 2.14 m barrels while distillate stockpiles fell by 5.7 m barrels, topping expectations of a decline of 1.6 m barrels. 

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