Oil prices recover on big US crude stock drawdown
Higher price: An aircraft of Korean Airlines is seen above a BP petrol station approaching to land at Zurich Airport in Kloten, Switzerland. Brent crude was up 69 US cents, or 1.1, at US64.03 a barrel by 0743 GMT. — Reuters
TOKYO: Oil prices rose as industry data showed a larger-than-expected drawdown in US crude stockpiles, while expectations for an extended shutdown of a major North Sea crude pipeline also continued to bolster markets.
Brent crude was up 69 US cents, or 1.1%, at US$64.03 a barrel by 0743 GMT. It had settled down US$1.35, or 2.1%, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above US$65 for the first time since mid-2015.
US West Texas Intermediate crude was up 45 US cents, or 0.8%, at US$57.59 a barrel.
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