Oil rises for first time in seven days

*Offshore drilling rig.

*Offshore drilling rig.

17 June 2016, London — Crude oil prices rose in early Asian trade for the first time in seven days after a small decline in stockpiles at the U.S. Cushing hub overrode concerns about the impact of Britain’s possible exit from the European Union.

Brent crude futures LCOc1 were up 25 cents at $47.44 a barrel at 0040 GMT. On Thursday, the contract fell 3.6 percent to $47.19 per barrel.

U.S. West Texas Intermediate crude futures CLc1 rose 17 cents at $46.38. The previous session, the contract declined 3.8 percent to $46.21 a barrel.

Market intelligence firm Genscape on Thursday reported a weekly decline of 76,317 barrels in stockpiles at the Cushing, Oklahoma delivery point for WTI futures, traders who saw the data said. In the previous week, Genscape reported a drawdown of 299,058 barrels at Cushing.

The British pound rose from a two-month low after campaigning for next week’s so-called Brexit vote was suspended following the murder on Thursday of a U.K. member of parliament, who was a vocal advocate for Britain to stay in the European Union.

Commodities across the board also posted gains, while equity benchmarks including Japan’s Nikkei stock average rose.

*Aaron Sheldrick; Editing – Ed Davies – Reuters

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