Oil settles higher on large drop in US stockpiles


Brent crude futures rose 52 cents, or 0.8%, to settle at US$64.92 a barrel, while US West Texas Intermediate crude futures gained 33 cents, or 0.6%, to close at US$60.48.

NEW YORK: Oil prices rose on Wednesday after data showed US crude and fuel inventories drew down more than expected last week, and as US President Donald Trump's optimistic tone over upcoming talks with his Chinese counterpart helped ease economic jitters.

Brent crude futures rose 52 cents, or 0.8%, to settle at US$64.92 a barrel, while US West Texas Intermediate crude futures gained 33 cents, or 0.6%, to close at US$60.48.

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