NEW YORK: Oil extended gains after closing at the highest level in more than a year as declines in U.S. and Chinese crude stockpiles added impetus to a rally driven by tightening global supplies.
Futures in New York climbed to trade above US$55 a barrel.
The American Petroleum Institute reported crude inventories fell by 4.3 million barrels last week, people familiar with the data said. It would be a seventh decline in eight weeks if confirmed by government data later Wednesday.
Chinese stockpiles dropped to the lowest in almost a year, according to data provider Kayrros.
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