Brent crude futures gained 85 cents, or 1.3%, to settle at US$67.27 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 92 cents, or 1.5%, to settle at $63.86 a barrel.U.S. crude inventories rose by 90,000 barrels last week, the Energy Information Administration said, much smaller than analysts' forecasts for a 659,000-barrel build.
NEW YORK: Crude oil prices rose more than 1% on Wednesday, after U.S. distillate inventories posted a large drawdown and refiners ramped up activity to the highest in over a year, boosting hopes for rising fuel demand in the world's top oil consumer.
OPEC+, comprising of the Organization of the Petroleum Exporting Countries and its allies, on Tuesday decided to stick to plans for a phased easing of oil production restrictions from May to July, an indication that the group is confident that global demand will recovery.
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