Oil edges up on record Indian imports, hopes of output caps

Oil prices edged up on Wednesday, supported by record Indian crude imports and talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.

  Global benchmark oil futures, the Brent and U.S. West Texas Intermediate (WTI) contracts, have both risen more than 10 percent since the end of September on prospects major crude producers would freeze or cut production to stem an oversupply in the market.

Brent crude futures were up 26 cents at $52.67 a barrel by 1115 GMT.

U.S. West Texas Intermediate (WTI) crude futures rose 23 cents to $51.02 a barrel.

Traders in Asia said oil prices were boosted by record Indian oil imports, which rose 4.4 percent in September from the previous month to a record high 4.47 million barrels per day (bpd) and surged 17.7% from a year ago.

 

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