Bullionguru’s,”Oil rises above $48 as API reports drop in U.S. fuel stocks”

© Reuters. FILE PHOTO: An employee pumps petrol into a car at a petrol station in Hanoi

Oil rose above $48 a barrel on Wednesday in response to a fall in U.S. fuel inventories and a cut in the U.S. government’s forecast for crude output next year which raised hopes that a supply glut is easing.

U.S. crude inventories fell by 8.1 million barrels, industry group the American Petroleum Institute said on Tuesday, much more than the forecast.

Official inventory data from the Energy Information Administration is due at 1430 GMT.

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