Oil nears $70 as data shows bigger-than-expected drop in US crude stocks
Oil prices rose on Wednesday, extending gains from the previous session after industry data indicated US crude stocks fell much more than expected last week, reinforcing bullish views on fuel demand in the world’s largest economy.
US West Texas Intermediate (WTI) crude futures rose 48 cents, or 0.7 per cent, to $66.17 a barrel at 0440 GMT, after climbing to $66.58, a level not seen since March 8.
Brent crude futures were up 49 cents, or 0.7 per cent, at $69.37 barrel after touching a more than seven-week high of $69.78 earlier in the session.
Both benchmark contracts rose nearly 2 per cent on Tuesday ahead of data from the American Petroleum Institute (API) industry group.
