Oil up over 1%, buoyed by U.S. stock drawdown - Reuters

Oil up over 1%, buoyed by U.S. stock drawdown - Reuters:

Crude oil futures rose more than 1% on Wednesday after industry data showed a larger than expected drop in U.S. crude inventories, but gains were capped by lingering worries about a possible global recession.

Brent crude LCOc1 had gained 90 cents, or 1.5%, to $60.93 a barrel by 1225 GMT, while U.S. crude CLc1 was up 58 cents, or 1.03%, at $56.71 a barrel.

U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts polled by Reuters had expected a fall of 1.9 million barrels.