Oil prices gain nearly 2% after drop in U.S. crude inventories - Reuters

Oil prices gain nearly 2% after drop in U.S. crude inventories - Reuters:

Oil prices rose nearly 2% on Wednesday after a larger-than-expected decline in U.S. crude stockpiles helped ease worries about weakening oil demand caused by the trade war between Washington and Beijing.

Brent crude LCOc1 futures settled 98 cents, or 1.7%, higher at $60.49 a barrel. West Texas Intermediate crude CLc1 ended at $55.78 a barrel, rising 85 cents, or 1.6%. 


U.S. crude oil inventories fell last week by 10 million barrels, compared with analysts’ expectations for a decrease of 2.1 million barrels, as imports slowed, the Energy Information Administration said.