Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in US crude inventories, but ongoing worries about a global economic recession capped gains.
Brent crude had risen 13 cents, or 0.2 per cent, to $60.16 a barrel by 0136 GMT, after settling 0.5 per cent higher on Tuesday. US crude was up 12 cents, or 0.2 per cent, at $56.25 a barrel.
US crude oil stocks fell by 3.5 million barrels to 439.8 million in the week to August 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts polled by Reuters had expected a decrease of 1.9 million barrels.
