Oil rises over 1% after report of big draw in US crude stocks

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Oil rises over 1% after report of big draw in US crude stocks oil CRUDEOIL

US West Texas Intermediate crude futures rose 89 cents, or 1.3%, to $71.38 a barrel at 0516 GMT, adding to a 35 cent gain from Tuesday.

"Crude is supported by API weekly report which noted a bigger-than-expected decline in US crude oil stocks," said Ravindra Rao, vice president of commodities at Kotak Securities. That was a much bigger decline than the 2.4 million-barrel drop in crude inventories that 10 analysts polled by Reuters had expected on average.

 

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