31 May '16, 1am

U.S. oil prices rise on start of summer driving season: SINGAPORE (Reuters) - U.S. oil prices were lifted ear...

SINGAPORE U.S. oil prices were lifted early on Tuesday by the start of the peak demand summer driving season, although international fuel markets were weighed down by rising output in the Middle East, which mostly serves Asian customers. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $49.50 per barrel at 0042 GMT, up 17 cents from their last settlement. Demand in North America is set to pick up along with the official start of the U.S. summer driving season this week, triggering a cut in the amount of open short crude positions that would profit from falling prices. "Investor positioning points to further support for commodity prices as bearish bets continue to be reduced," ANZ bank said on Tuesday. The amount of outstanding managed short crude positions of U.S. WTI crude futures fell to its lowest level this year last week. International oil markets,...

Full article: http://www.reuters.com/article/us-global-oil-idUSKCN0YM01...

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