Crude Oil Back Above $49 After Inventories Drop

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 –