Oil prices near the highest level in 8 weeks

– 7/27/2017 AM . 11:27:00 a.m. 

Oil prices hit a fresh 8-week high on Thursday, supported by hopes of a shrinking supply of crude caused by a larger-than-expected decline in US inventories. 
Brent crude futures fell 9 cents, or 0.1 percent, to $ 50.88 a barrel, after rising nearly 1.5 percent in the previous session. 
US WTI crude futures fell 8 cents, or 0.2 percent, to $ 48.67 a barrel. 
US crude inventories fell sharply last week as refinery production increased and imports shrank. 
The 7.2 million barrel decline in crude inventories in the week ending July 21 was higher than the 2.6 million bpd forecast.


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