Oil price inches toward $53 per barrel

By Ediri Ejoh,  with agency report

THE price of crude oil, yesterday, inched towards $53 dollars a barrel ahead of a U.S. inventory report expected to show crude stocks dropped for a sixth week.

Brent crude, the global benchmark, was up 50 cents at 52.64 dollars, after two days of decline. U.S. West Texas Intermediate (WTI) crude added 44 cents to 49.61 dollars

Analysts expect crude stocks to have fallen by 2.7 million barrels and gasoline by 1.5 million barrels. A further drop in U.S. crude stocks would raise hopes that an OPEC-led effort to wipe out a three-year, price-sapping supply glut is working.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers are cutting output by about 1.8 million barrels per day (bpd) under a deal that took effect on January 1. The deal is currently set to run until March 2018.

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