Oil Updates – crude ticks up on lower-than-expected rise in US stocks

LONDON: Oil edged higher for a third straight day on Wednesday after industry data showed US oil stocks grew less than expected and Washington sharply cut its forecast for the country’s oil output growth, easing concerns about potential oversupply, according to Reuters.

Brent crude futures rose 16 cents, or 0.2 percent, to $78.75 a barrel as of 7:17 a.m. Saudi time, while US West Texas Intermediate crude climbed 20 cents, or 0.3 percent, to $73.51.

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