Oil prices climb after drawdown in stocks, positive demand outlook | Reuters

Oil prices climb after drawdown in stocks, positive demand outlook | Reuters

Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world's largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen.

But a fall in China's crude oil throughput in August with daily refinery runs hitting the lowest since last May, and overall factory output faltering, capped oil price gains. read more

Brent crude oil rose 54 cents, or 0.7%, to $74.14 a barrel by 0659 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 53 cents, or 0.8%, to $70.99 a barrel.

U.S. crude oil, gasoline and distillate stocks all fell last week, according to two market sources, citing American Petroleum Institute figures on Tuesday, after Hurricane Ida shut numerous refineries and offshore drilling production.