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Oil rises as U.S. inventories fall on strong demand

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices turned positive on Wednesday after a bigger-than-expected decline in U.S. crude inventories along with surprise drawdowns in gasoline and distillates indicated strong demand in the world's top oil consumer. Earlier in the session, Brent and U.S. crude futures had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts when they meet on June 22-23 in Vienna.Brent crude settled up 86 cents, or 1.1 percent, at $76.74 a barrel and U.S. crude closed ...

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First Published: Thu, June 14 2018. 00:39 IST
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