Oil prices rose in early trading on Wednesday after a report that US fuel inventories may have fallen for a fifth straight week, but contracts remained near the USD 50 marker where many traders currently see fair value for crude.

US West Texas Intermediate (WTI) crude oil futures were trading at USD 49.18 per barrel at 0014 GMT, up 49 cents, or 1 percent, from their last settlement.

                      Traders said the higher prices were largely a result of a report by the American Petroleum Institute (API) late on Tuesday showing that US crude inventories likely fell for a fifth straight week, declining by 7.6 million barrels. 

                                                                                  The US government's Energy Information Administration (EIA) will report official stockpile numbers on Wednesday, although analysts polled by Reuters expect the EIA to report a stock build of 2.6 million barrels for the week ended Sept. 30. EIA. In international oil markets, benchmark Brent crude futures were trading at USD 51.29 per barrel, up 42 cents, or 0.8 %.

For More Information RipplesAdvisory,Ripples_Advisory,Ripples Market Tips Ripplesadvisory.com and you can call us on :-9827808090.