Oil prices traded higher on Wednesday after an industry report said U.S. crude stockpiles fell last week by more than twice the amount that analysts in a Reuters poll had forecast.
Brent crude futures (LCOc1) rose 51 cents, or 0.6%, to $62.89 a barrel by 04:05 GMT, while West Texas Intermediate (WTI) futures (CLc1) were up 54 cents, or 0.9%, to $57.94 a barrel.
Prices had ended lower on Tuesday, squeezed by speculation of sanctions-hit Iranian crude returning to the market following U.S. President Donald Trump's move to fire national security adviser John Bolton, a noted Iran policy hawk.
But they rebounded after American Petroleum Institute (API) data late on Tuesday showed U.S. crude oil and gasoline stocks fell last week, while distillate stocks built.
Source : Reuters