Oil rises

Singapore :Oil prices rose on Wednesday, lifted by a report that U.S. crude inventories fell last week, although analysts warned that soaring U.S. output and a seasonal demand drop could soon weigh on crude.

Brent crude futures were at $67.39 per barrel at 0709 GMT, up 53 cents, or 0.8 percent, from the previous close.

U.S. West Texas Intermediate (WTI) crude futures were at $63.85 a barrel. That was up 46 cents, or 0.7 percent, from their last settlement.

The market was supported by a report by the American Petroleum Institute (API) on Tuesday saying that U.S. crude inventories fell by 1.1 million barrels in the week to Feb. 2 to 418.4 million barrels, traders said.

A group of oil producers around OPEC and Russia have been withholding supplies since last year in order to tighten supplies and prop up prices.