Oil rises for first time in seven days | Reuters

TOKYO Crude oil prices rose in early Asian trade for the first time in seven days after a small decline in stockpiles at the U.S. Cushing hub overrode concerns about the impact of Britain's possible exit from the European Union.

Brent crude futures LCOc1 were up 25 cents at $47.44 a barrel at 0040 GMT. On Thursday, the contract fell 3.6 percent to $47.19 per barrel.

U.S. West Texas Intermediate crude futures CLc1 rose 17 cents at $46.38. The previous session, the contract declined 3.8 percent to $46.21 a barrel.

Market intelligence firm Genscape on Thursday reported a weekly decline of 76,317 barrels in stockpiles at the Cushing, Oklahoma delivery point for WTI futures, traders who saw the data said. In the previous week, Genscape reported a drawdown of 299,058 barrels at Cushing.

The British pound rose from a two-month low after campaigning for next week's so-called Brexit vote was suspended following the murder on Thursday of a U.K. member of parliament, who was a vocal advocate for Britain to stay in the European Union.

Commodities across the board also posted gains, while equity benchmarks including Japan's Nikkei stock average rose.

(Reporting by Aaron Sheldrick; Editing by Ed Davies)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Jun 17, 2016 07:00 AM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See