2017.12.1308:27:00UTC+00Crude Oil Rallies On OPEC, U.S. Inventories

Crude oil future rose Wednesday ahead of the government's official U.S. inventories report.

Yesterday, an industry survey said U.S. inventories fell by much more than forecast last week.

The American Petroleum Institute (API) reported a large draw of 7.382 million barrels of United States crude oil inventories for the week ending December 8.

WTI light sweet crude oil was up 50 cents to $57.61 a barrel.

Meanwhile, OPEC said world oil demand will grow by 1.53 million barrels a day in 2018.

OPEC's total production fell by 133,000 barrels a day to 32.45 million barrels a day in November.

The cartel raised its forecast for non-OPEC production growth in 2017 and 2018.

Traders now await crucial U.S. inflation data and an interest rate call from the Federal Reserve.