US Oil News

The purchase comes after Indian Prime Minister Narendra Modi`s visit to the US in June when President Donald Trump said his country looked forward to exporting more energy products to India.

Oil prices rose in early Asian trading on Wednesday, with U.S. crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks.

Prices have crashed about 75 percent since mid-2014, hit by a perfect storm of a supply glut, weak demand, a slowing global economy and a strong dollar.

The United States on Friday lifted a 40-year-old ban on export of oil, thus paving the way for energy deficient countries like India to open up another frontier to import oil from a distant friendly nation.

The United States on Saturday lifted a 40-year-old ban on export of oil.

US October crude also had dropped 60 cents to $39.85 a barrel, after hitting $39.71 a barrel or the lowest since $39.44 in March of 2009.

New York oil prices sank to a six-year low on Monday, falling below $44 per barrel as the market was plagued by plentiful supplies and the strong dollar.

US oil giant ExxonMobil said Wednesday it would reduce investment spending by nearly 12 percent this year in response to lower crude-oil prices.

Near 1630 GMT, US benchmark West Texas Intermediate for delivery in February briefly dipped to USD 49.95 a barrel, before rallying somewhat to USD 50.20 a barrel.

Propelled by surging shale output, the United States is fighting for supremacy in the global oil market even as a pullback in crude prices threatens to challenge the boom.