Oil prices end mixed, despite big U.S. crude stock drawdown

U.S. West Texas Intermediate (WTI) crude futures settled at US$52.85 a barrel, rising 24 cents, while global benchmark Brent crude futures fell 10cents to end at $55.81 a barrel.(File pic - US oil storage at Cushing, Oklahoma. - Reuters)

NEW YORK: Oil prices were little changed on Wednesday, despite a massive drawdown in U.S. crude inventories, as ongoing concerns about the coronavirus pandemic tempered buying interest.

U.S. crude oil stocks dropped by nearly 10 million barrels last week to their lowest levels since March, surprising the market, which was looking for a modest increase in stocks.