Energy

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

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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…



Source cnbc.com

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