Oil rises on the back of US stockpiles decline

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Source: WBP Online
Crude prices jumped on Thursday, driven by the drop in the US oil stocks, offsetting pressure from the FOMC-boosted Greenback. The WTI futures rose 0.94% to $49.22 a barrel, while the Brent posted a 1.55% jump to trade at $54.21 a barrel by 11:06 AM GMT. The EIA report showed on Wednesday that the US inventories fell by 4.2 million barrels over the last week, slightly mitigating concerns on global supply glut.
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