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Oil gains after report shows larger than expected U.S. stock draws

Reuters  |  NEW YORK 

By Ayenat MersieNEW YORK (Reuters) - Oil prices gained on Wednesday, shaking off the effects of a strengthening dollar, after an inventory report showed U.S. crude and gasoline stocks fell more than expected. Brent crude futures gained 85 cents to settle at $79.28 a barrel, while U.S. crude futures gained 18 cents to settle at $71.49 a barrel."We rallied as the day went on," said Gene McGillian, manager of market research at Tradition in Stamford. "We continued to receive support from concerns about supply from the Iranian nuclear accord, Venezuela ... as well as the draw in crude," ...

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First Published: Thu, May 17 2018. 01:44 IST