Oil prices gain after bigger-than-expected fall in US stockpiles


Oil prices traded higher on Wednesday after an industry report said U.S. crude stockpiles fell last week by more than twice the amount that analysts in a Reuters poll had forecast.

Brent crude futures rose 51 cents, or 0.6%, to $62.89 a barrel by 0405 GMT, while West Texas Intermediate (WTI) futures were up 54 cents, or 0.9%, to $57.94 a barrel.

Prices had ended lower on Tuesday, squeezed by speculation of sanctions-hit Iranian crude returning to the market following U.S. President Donald Trump’s move to fire national security adviser John Bolton, a noted Iran policy hawk.

But they rebounded after American Petroleum Institute (API) data late on Tuesday showed U.S. crude oil and gasoline…


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