Brent crude futures settled at US$61.17 a barrel, up $1.47, or 2.5%. West Texas Intermediate (WTI) crude futures rose $1.49, or 2.7%, to end at $55.97 a barrel.
HOUSTON: Oil price rose about 2.5% on Wednesday after government data showed a surprise draw in U.S. crude stocks and as the prospect of deeper output cuts by OPEC and its allies offered support.
U.S. crude stocks fell 1.7 million barrels last week as refineries hiked crude runs by 429,000 barrels per day (bpd) and oil imports fell, the Energy Information Administration said. Analysts had expected an increase of 2.2 million barrels.
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