Crude oil prices were higher Thursday morning following a report that Saudi Arabia will be cutting production for the rest of the year.
Meanwhile, U.S. commercial crude inventories decreased by 4.2 million barrels last week, maintaining a total U.S. commercial crude inventory of 459.7 million barrels.
The bullish inventories report helped oil rise from 6-month lows in the previous session.
US light sweet crude for September was up another 29 cents at $49.09 a barrel.
The material has been provided by InstaForex Company – www.instaforex.com