Oil prices rise after data shows big drop in US inventories
TOKYO: OilNSE -0.88 % prices rose on Wednesday after an industry report showed that crude stockpiles in the U.S. fell last week by more than twice the amount that analysts had forecast.
Brent crude futures rose 43 cents, or 0.7 per cent, to $62.81 a barrel by 0053 GMT, while WTI futures were up 47 cents, or 0.8 per cent, to $57.87 a barrel.
Prices had ended lower on Tuesday, squeezed by speculation of a return of sanctions-hit Iranian crude exports to the market following United States President Donald Trump’s move to fire national security adviser John Bolton, a noted Iran policy hawk.
