Oil hits highest since June on possible U.S. inventory drop

By Alex Lawler LONDON (Reuters) - Oil prices rose towards $52 a barrel on Wednesday, hitting their highest level since June, supported by an industry report that U.S. inventories probably fell for a fifth straight week and OPEC's supply cut deal. The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories dropped 7.6 million barrels, which would be the fifth straight weekly decline if confirmed by U.S. Energy Information Administration (EIA) data on Wednesday. Brent crude