5/15, 5:21 PM (Source: TeleTrader)
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Oil turns positive after rise in US inventories

A surprise rise in crude inventories, although, weaker than suggested by industry figures, drove the price of oil up on Wednesday. The EIA report, published earlier, showed an increase in inventories of 5.4 million barrels to 472 million in the week ending May 10.

The prices were also underpinned by remarks from Saudi Arabia Energy Minister Khalid al-Falih who said yesterday that two pumping stations on the Aramco oil pipeline in the country came "under terrorist attack" by drones carrying bombs.

West Texas Intermediate for deliveries in June was up 0.89% at 11:20 am ET, changing hands for $62.15, while the international benchmark Brent added 1.10% at the same time, to go for $71.76.

Breaking the News / GG