Crude Oil prices gain after decline in US crude inventories

Crude Oil prices advanced on Thursday after a reported declines in US crude inventories that went beyond analyst expectations.

US WTI crude futures were up 0.4pc, at USD59.07/bl in early morning, while Brent crude futures were up 0.2pc at USD69.59 per barrel. They declined about 1pc in the previous session after falling as low as USD68.08.

Crude prices have advanced by ~30pc since the start of the year when OPEC and it allies cut production to lessen a global glut.

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