Oil rises after US crude stocks drop, focus on OPEC+ meeting

SEOUL: Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies.

Brent crude futures were up 10 cents, or 0.2 per cent, at $43 a barrel as of 0049 GMT, and U.S. West Texas Intermediate (WTI) crude futures rose 14 cents, or 0.4 per cent, to $40.43 a barrel.