Oil prices extend gains on larger-than-expected US crude draw

Brent crude settled up 81 cents, or 1.4%, at $59.51 a barrel. U.S. West Texas Intermediate crude ended $1.29, or 2.4%, higher at $54.93 a barrel. Prices extended gains in post-settlement trade, with Brent touching a high of $59.88 and WTI hitting $55.45, after data from the industry group the American Petroleum Institute showed U.S. crude inventories fell more than expected. (File pic shows oil storage at Cushing, Oklahoma

NEW YORK: Oil prices rose in volatile trade on Tuesday supported by expectations of a drawdown in U.S. crude inventories, though gains were capped by worries about a recession and uncertainty over a China-U.S. trade deal.

Brent crude settled up 81 cents, or 1.4%, at $59.51 a barrel. U.S. West Texas Intermediate crude ended $1.29, or 2.4%, higher at $54.93 a barrel.