Oil: Larger liquidation of inventories could see the price above $50 a barrel - BBH

Research Team at BBH, notes that late yesterday, API estimated that oil inventories fell 5.1 mln barrels last week which helped lift prices to seven-month highs.

Key Quotes

“The EIA's estimate is regarded as more reliable. The median was expecting a 1.6 mln barrel draw down before the API's estimate. A larger liquidation of inventories could see the price above $50 a barrel for the first time since last October.”