Brent rising27 Jan 2021 09:40
SINGAPORE (Reuters) - Oil prices climbed on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China, the world's second-biggest oil user, recorded its lowest daily rise in COVID-19 cases in more than two weeks.
Brent crude futures climbed 39 cents, or 0.7%, to $56.30 a barrel at 0736 GMT, adding to a small gain on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures rose 37 cents, or 0.7%, to $52.98 a barrel, rebounding from Tuesday's loss.
"WTI is slightly firmer on the back of a larger-than-expected draw in U.S. crude inventories reported by the API, which is offset by builds in gasoline and distillates," said Vandana Hari, oil market analyst at Vanda Insights.
The American Petroleum Institute (API) reported crude oil inventories in the United States, the world's biggest oil consumer, fell by 5.3 million barrels in the week to Jan. 22 compared with analysts' expectations in a Reuters poll for a build of 430,000 barrels.