Oil prices edge higher after US crude stockpile draw

Brent crude futures rose US32 cents to settle at $51.08 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents to settle at $47.82 a barrel. (File pic shows oil storag at Cushing, Oklahoma. - Reuters)

NEW YORK: Oil prices edged higher on Wednesday, buoyed by U.S. government data that showed crude stockpiles fell last week and by optimism about a coronavirus relief package in the United States.

Brent crude futures rose US32 cents to settle at $51.08 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents to settle at $47.82 a barrel.