Oil prices rose in volatile trade on Tuesday supported by expectations of a drawdown in US crude inventories, though gains were capped by worries about a recession and uncertainty over a China-US trade deal.
Brent crude settled up 81 cents, or 1.4%, at $59.51 a barrel. US West Texas Intermediate crude ended $1.29, or 2.4%, higher at $54.93 a barrel.
Prices extended gains in post-settlement trade, with Brent touching a high of $59.88 and WTI hitting $55.45, after data from the industry group the American Petroleum Institute showed US crude inventories fell more than expected.
US crude stockpiles fell sharply last week as imports dropped, plummeting 11.1 million barrels, compared with expectations for a 2-million barrel draw. The US government’s weekly report is due to be released Wednesday morning.
