Oil Price Moves Up

Reuters reported on Wednesday morning that the price of oil rose to $66.36 for Brent Crude. U. S light crude was $61.64. The rise is attributed to a report by the American Petroleum Institute (API) that U.S. inventories are falling and that production growth is leveling off. API reported that U.S. crude stocks fell 6.7 million barrels to 473.1 million last week, compared with previous predictions of a 1.72 million barrel drop. The U.S. Energy Information Agency raised its global estimate for 2015 by 20,000 bpd to 1.25 million barrels per day. OPEC is keeping its output quota unchanged at 30 million barrels per day.