Oil prices rally on inventory draw forecasts

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New York, June 8 (IANS) Oil prices kept rising as investors expected US crude stockpiles to fall for a third straight week.

The West Texas Intermediate for July delivery on Tuesday increased $0.67 to settle at $50.36 a barrel on the New York Mercantile Exchange, while Brent crude for August delivery gained $0.89 to close at $51.44 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

US official stockpiles data was scheduled for release by the Energy Information Administration on Wednesday

Meanwhile, production of Nigeria’s Bonny Light crude has fallen by an estimated 170,000 barrels per day (bpd) following recent attacks on pipeline infrastructure, according to media reports Monday.

Oil prices have surged about 90 percent from a multi-year low in February on a weaker US dollar, a continued slide in the US output and unexpected disruptions.

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