NEW YORK: Oil prices gained about 1% on Wednesday after a larger-than-expected decline in US crude stocks, but gains were capped by concerns about rising global inventories in thin trading ahead of the US Independence Day holiday.
Brent crude futures rose US$1.10, or 1.3%, to settle at US$87.34 a barrel. US West Texas Intermediate (WTI) crude futures gained US$1.07, or 1.3%, to US$83.88.
