|Published : 15 Mar 2017, 13:28:33|
Oil rebounds from three-month lows
Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise drawdown in US crude stockpiles.
US West Texas Intermediate crude CLc1 was trading up 83 cents, or 1.7 per cent, at $48.42 a barrel by 0536 GMT.
Brent futures were up 76 cents, or 1.5 per cent, at $51.68, after settling down 43 cents at $50.92 on Tuesday, their lowest finish since November.
US crude stocks fell by 531,000 barrels last week, industry group the American Petroleum Institute said on Tuesday after settlement.
OPEC's monthly report said oil stocks in industrialised nations rose in January to 278 million barrels above the five-year average, with US shale and other non-OPEC supply gaining, according to Reuters.