Oil Settles Above $50 for First Time in More Than 10 Months
- U.S. inventories estimated to drop 3 million barrels last week
- Royal Dutch Shell said to be repairing key Nigeria pipeline
Oil Prices Will Head Back Down, Here's Why
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Oil closed above $50 a barrel in New York for the first time in more than 10 months as U.S. crude stockpiles are estimated to have fallen for a third week, trimming a glut.
West Texas Intermediate oil rose 1.4 percent to the highest settlement since July 21. Inventories declined by 3 million barrels last week in the U.S., according to a Bloomberg survey before a report from the Energy Information Administration on Wednesday. Royal Dutch Shell Plc is repairing a key pipeline in Nigeria under very tight security, according to a person familiar with the operations. Earlier reports said work wasn’t proceeding on the link.