LONDON, Aug 21 (Reuters) – Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in US crude inventories, but lingering worries about a possible global recession capped gains.
Brent crude had gained 26 cents, or 0.43 per cent, to $60.29 a barrel by 0900 GMT, after settling 0.5 per cent higher on Tuesday, while US crude was up 3 cents, or 0.05 per cent, at $56.16 a barrel.
US crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts polled by Reuters had expected a fall of 1.9 million barrels.
