Singapore: Oil prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles.
Brent crude was up 50 cents, or 0.8 percent, at $63.84 a barrel by 0152 GMT. It had settled down $1.35, or 2.1 percent, at $63.34 on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 36 cents, or 0.6 percent, at $57.50 a barrel, having earlier settled down 85 cents at $57.14.After settlement on Tuesday, industry group the American Petroleum Institute said crude stocks in the United States fell by 7.4 million barrels last week. That is almost twice the decline of analysts´ expectations for a decline of 3.8 million barrels.
