Oil rises as falling US inventories refocus market on demand
Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling U.S. crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer, News.Az reports citing Reuters.
Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. U.S. West Texas Intermediate crude gained 39 cents, or 0.5%, to $77.46 a barrel.
U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels.