Oil rose as industry data showed a decline in American crude inventories, countering speculation the ouster of U.S. National Security Adviser John Bolton may lead to a less hawkish approach to Iran and Venezuela.
Futures climbed as much as 1% in New York, rising after the first in drop five sessions. The American Petroleum Institute reported crude inventories shrank by 7.23 million barrels last week, according to people familiar with the figures. Government data Wednesday is forecast to show a 2.9-million barrel decline. President Donald Trump said he fired Bolton after disagreeing “strongly” with many of his positions.
West Texas Intermediate oil for October delivery added 48 cents, or 0.8%, to $57.88 a barrel on the New York Mercantile Exchange as of 8:48 a.m. in Singapore. The contract fell 45 cents to $57.40 on Tuesday.
Brent for November settlement rose 46 cents, or 0.7%, to $62.84 a barrel on the ICE Futures Europe Exchange. The contract fell 21 cents to $62.38 on Tuesday. The global benchmark traded at a $5.06 premium to WTI for the same month.
Source : Bloomberg