Oil rises 2 percent as U.S. crude stocks plunge, OPEC brushes off Trump | Reuters

Oil rises 2 percent as U.S. crude stocks plunge, OPEC brushes off Trump | Reuters:

Oil futures gained about 2 percent on Wednesday after U.S. crude inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from U.S. President Donald Trump seeking to keep oil prices from climbing.

U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.

The drawdown, which breaks five consecutive weeks of builds, was due to net crude imports slowing to a record low of 2.6 million barrels per day in the wake of declining OPEC production and U.S. sanctions against Venezuela.

U.S. crude futures settled at $56.94 a barrel, up $1.44, or 2.6 percent, the biggest daily percentage rise in nearly four weeks. Brent crude futures rose $1.18, or 1.8 percent, to end at $66.39 a barrel.