CNBC | Oil rises above $48 as API reports drop in US fuel stocks CNBC Oil rose above $48 a barrel on Wednesday in response to a fall in U.S. fuel inventories and a cut in the U.S. government's forecast for crude output next year which raised hopes that a supply glut is easing. U.S. crude inventories fell by 8.1 million ... Oil extends gains after upbeat US production data Attention Traders: Oil Is Heating Up Again Oil Prices Up In Asia As Inventories Drop In US |