US crude edges up on inventory fall

11.03.2015 / 05:04

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U.S. crude futures rose on Wednesday, paring some of the previous day's losses after an industry group said that U.S. crude inventories fell last week for the first time in two months.

Data from the American Petroleum Institute showed on Tuesday that crude inventories fell by 404,000 barrels in the week to March 6 to 439.4 million, compared with analyst expectations for an increase of 4.4 million barrels.

The oil market was also supported as Libya has shut down two eastern oil fields due to security reasons following militant attacks on oil operations in the North African country, an oil official said on Tuesday.

The U.S. Energy Information Administration revised upward its 2015 domestic oil production outlook, but lowered its 2016 forecast because it expects the slump in global prices to weigh on the country's shale boom next year.

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US crude edges up on inventory fall

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