OIL MARKET UPDATE BY RIPPLES ADVISORY

Oil prices stood steady near their highest level in about eight months on Wednesday, helped by industry data showing a larger-than-expected drawdown in US crude inventories and by worries about attacks on Nigeria's oil industry. 

 

  London Brent crude for August delivery was unchanged at USD 51.44 a barrel by 0151 GMT, after settling up 89 cents on Tuesday. It earlier touched USD 51.55, the highest since October 12.

 

 Crude for July delivery was up 4 cents at USD 50.40 a barrel, after closing up 67 cents on Tuesday to settle above USD 50 for the first time since last July.


The US Energy Information Administration (EIA) will issue official inventory numbers at 1430 GMT on Wednesday.

 

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