Dropping U.S crude oil inventory leads to increase in crude oil price

Oil prices rise on expected drop in U.S. crude inventories - Oil prices ticked higher on Wednesday on expectations that U.S. crude inventories have dropped and on signs that the world's top oil exporters will stick to agreed output cuts that took effect this week. Global benchmark Brent crude futures LCOc1 rose 28 cents to $55.75 a barrel, a 0.5 percent gain by 10:51 a.m. Eastern. U.S. West Texas Intermediate crude futures CLc1 gained 25 cents, or 0.5 percent, at $52.58 a barrel. Both benchmarks recovered some losses from the previous day – when the U.S.-dollar .DXY hit a 14-year peak and knocked oil from 18-month highs – as the greenback dipped on Wednesday, making dollar-denominated fuel purchases in other currencies cheaper. Weekly U.S. industry and government reports are expected to show a 1.7 million-barrel crude draw for last week, analysts polled by Reuters said ahead of the data due late Wednesday and on Thursday.