Oil rises 1% after surprise fall in U.S. crude stockpiles - Reuters

Oil rises 1% after surprise fall in U.S. crude stockpiles - Reuters:

Oil futures gained 1% on Wednesday, boosted by a surprise drawdown in U.S. crude stockpiles, but an escalating U.S.-Chinese trade fight limited oil’s gains as investors worried about the global outlook for energy demand.

Brent crude futures rose 49 cents, or 0.7%, to settle at $70.37 a barrel, while U.S. West Texas Intermediate (WTI) crude ended 72 cents, or 1.2%, higher at $62.12. 


U.S. crude inventories fell 4 million barrels last week, the Energy Information Administration said, compared with analysts’ forecast of a 1.2 million-barrel build.