Oil gains as inventory decline eases recession concerns

TOKYO: Oil prices rose on Wednesday, with US crude gaining 1 per cent after an inventory report showed US stockpiles fell more than expected, helping ease worries about economic growth from the Sino-US trade war.

Brent crude was up by 41 cents, or 0.7 per cent, at $59.92 a barrel by 0121 GMT. West Texas intermediate crude was up by 57 cents, or 1.0 per cent, at $55.50 a barrel.

US crude stockpiles fell sharply last week as imports dropped, plummeting by 11.1 million barrels, compared