U.S. light crude oil CLc1 was up 35 cents at $47.68. Saudi Aramco will reduce supplies to Asian customers by about 7 million barrels in June. Crude inventories USOILC=ECI fell 5.2 million barrels in the week to May 5, the US Energy Information Administration said. At 522.5 million barrels, crude stocks were the lowest since February. While US oil inventories fell, the country's crude oil production C-OUT-T-EIA continued to rise, jumping above 9.3 million bpd last week, in what is now a more than 10 percent increase since its mid-2016 trough.

Source: Egypt Independent May 11, 2017 08:37 UTC