SINGAPORE: Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States.
Brent crude oil was up 40 cents at $52.06 a barrel by 0715 GMT. U.S. light crude was 35 cents higher at $47.72. "U.S. crude oil stocks have been falling consistently in recent weeks," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.
"If the downtrend in oil inventories is maintained, then a bullish case can be made for oil, especially given the ongoing supply restrictions from OPEC and Russia," he added.
U.S. commercial crude inventories have fallen by almost 13 percent from their March peaks, to 466.5 million barrels.
U.S. crude production has broken through 9.5 million barrels per day (bpd), its highest since July 2015, but analysts say growth may slow as U.S. energy firms cut the number of rigs drilling for new oil.
This initiative enables them to earn a dignified livelihood for their families
The event will host more than 700 booths, including leading global and Pakistani tech giants
Gold rates increased by $8 to all-time high rates of $2,371 per ounce in the international market
Strong retail sales prompted economists at Goldman Sachs to boost their gross domestic product
The IMF dictates its terms based on our past performance
Goldman's profit rose 28 percent to $4.13 billion, or $11.58 per share, in the first quarter
