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Oil Prices Jump After Data Shows Surprise U.S. Stock Draw
Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise draw down in U.S. crude stockpiles and as Goldman Sachs put a positive spin on OPEC's compliance with output cuts. U.S. West Texas Intermediate crude was trading up 83 cents, or 1.7 percent, at $48.42 a barrel by 0536 GMT. That came after the contract fell for a seventh session on Tuesday in its longest losing streak since January 2016.
Brent futures were up 76 cents, or 1.5 percent, at $51.68, after settling down 43 cents at $50.92 on Tuesday, their lowest finish since November. 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 analyst expectations for an increase of 3.7 million barrels. If the draw is confirmed by government data on Wednesday, it would be the first draw down after nine consecutive builds.