Oil prices rise after U.S. crude stockpile drop - Reuters

Oil prices rise after U.S. crude stockpile drop - Reuters:

Oil prices rebounded on Wednesday after a steep fall in the previous session when OPEC and its allies’ decision to extend output cuts was not enough to counter investors’ concerns about the slowing global economy.

Prices were supported by a strong U.S. stock market opening and widely watched data showing a larger-than-expected drawdown in U.S. crude oil inventories, with government data due later in the day. 


Brent crude futures LCOc1 for September delivery were trading up 95 cents at $63.35 a barrel by 1350 GMT.

U.S. crude futures for August CLc1 were up 76 cents at $57.01 a barrel. Both benchmarks fell more than 4% on Tuesday on worries about a global economic slowdown.