US crude gains ground before inventory data

US crude widened gains in American trade on track for yet another profit after initial inventory data showed a steep decline last week, with traders awaiting the official report from the Energy Information Administration. 

As of 13:15 GMT, US crude rose to $52.70 a barrel, with an intraday high at $52.78, and a low at $51.91. 

US crude added 2.1% yesterday, the second profit in three days as Libyan supplies were disrupted. 

The American Petroleum Institute reported a tumble 10.2 million barrels in US crude stocks in the week ending December 7, the first drop in three weeks, and the largest since the week ending January 5.

Total stocks are down to 438 million barrels, the lowest since November. 

Now traders expect the official EIA report to show a drop of 3 million barrels, the second in a row. 

US production steadied last week for the third week in a row at 11.7 million bpd, a record high.