U.S. oil jumps after data shows surprise U.S. stock draw
U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in U.S. crude stockpiles.
U.S. West Texas Intermediate crude CLc1 was trading up 73 cents, or 1.5 percent, at $48.45 a barrel by 2314 GMT, having earlier risen more than $1 to $48.87. The rise came after the contract marked a seventh straight decline in a row on Tuesday, the longest losing streak since January 2016.
U.S. crude stocks fell by 531,000 barrels last week, industry group the American Petroleum Institute said on Tuesday after settlement.
That compared with analysts’ expectations for an increase of 3.7 million barrels. If the draw is confirmed by government data on Wednesday, it would be the first drawdown after nine consecutive builds.
Reporting by Osamu Tsukimori; Editing by Richard Pullin