Oil prices rose on Wednesday, with U.S. crude gaining 1% after an industry report showed stockpiles in the United States, the world's biggest oil user, fell more than expected, easing worries about economic growth due to the China-U.S. trade war.
Brent crude futures climbed 42 cents, or 0.7%, to 59.93 a barrel by 0220 GMT. West Texas Intermediate (WTI) crude futures gained 56 cents, or 1%, to $55.49 a barrel.
U.S. crude stockpiles fell sharply last week as imports dropped, plummeting by 11.1 million barrels, compared with expectations for a 2 million barrel draw, data from industry group the American Petroleum Institute (API), showed.
The U.S. government's weekly report is due to be released Wednesday morning and if official numbers confirm the API data then it will be the biggest weekly decline in nine weeks.
Source : Reuters