Oil gains 2% after draws in US product inventories

Brent crude futures rose US$1.12, or 2.2%, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3%, to settle at $48.12 a barrel. U.S. crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million barrels. (File pic - Oil storage at Cushing, Oklahoma - Reuters)

NEW YORK: Oil prices rose more than 2% on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates that lifted investors' hopes for some return in fuel demand.

Brent crude futures rose US$1.12, or 2.2%, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3%, to settle at $48.12 a barrel.