Oil rebounded from several days of falling prices after industry data showed a surprise drop in U.S. crude inventories, offsetting weak economic readings in the United States that have depressed global stock markets.
Brent crude rose 43 cents, or 0.7%, to $59.32 a barrel by 0437 GMT, claiming back some of the ground lost over the past three sessions. U.S. West Texas Intermediate crude was at $54.23 a barrel, up 61 cents or 1.1%.
Front-month WTI prices settled down for a sixth straight session on Tuesday, their longest losing streak this year, after U.S. manufacturing activity dived to a 10-year low as U.S.-China trade tensions weighed on exports.
Oil pared some losses in post-settlement trade on Tuesday after American Petroleum Institute (API) data showed U.S. crude stocks fell last week by 5.9 million barrels, against expectations for an increase of 1.6 million barrels.
Source : Reuters