Oil rises on US crude withdrawal, China stimulus

Brent crude futures rose 49 cents, or 0.6%, to settle at US$80.04 a barrel, while US West Texas Intermediate crude (WTI) ended 72 cents, or 1.0%, at US$75.09. — Reuters

NEW YORK: Oil prices edged up about 1% on Wednesday on a bigger-than-expected US crude storage withdrawal, a slump in US crude output, Chinese economic stimulus, geopolitical tensions and a weaker dollar.

Brent crude futures rose 49 cents, or 0.6%, to settle at US$80.04 a barrel, while US West Texas Intermediate crude (WTI) ended 72 cents, or 1.0%, at US$75.09.