Oil rises more than 1% after US stockpile drop; Brent nears $65

TOKYO: Oil prices gained more than 1 per cent in early trade on Wednesday, led by US crude after an industry group reported that US stockpiles fell for a fourth week in a row, alleviating concerns about oversupply.

West Texas Intermediate (WTI) WTI futures rose 90 cents, or 1.5 per cent, to $58.73 by 0027 GMT. Brent was up 69 cents, or 1.1 per cent, at $64.85.

The US and global benchmarks have risen this year as Opec and big producers like Russia have honoured commitments to cut production and support prices.

But investors have been looking for signs that unrelenting production from the United States is being consumed, leading to inventory declines.