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Crude Oil Holds $52 As OPEC Sees Compliance

Crude oil prices were higher Wednesday morning, after industry data showed U.S. stockpiles dwindled slightly last week.

Data from the American Petroleum Institute showed crude inventories fell by 840,000 barrels in the week to April 14 to 531.6 million barrels, near record highs.

However, gasoline stocks rose by 1.4 million barrels.

Meanwhile, OPECs chief said the cartel was seeing compliance with its supply quota plan.

"We are optimistic the policy measures have already placed us on the path of recovery," Mr. Barkindo said in a speech. "Our collective action will continue to prove effective."

Crude oil was up 6 cents at $52.42 a barrel.

by RTT Staff Writer

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