Oil prices rose on Wednesday, led by U.S. crude after an industry group reported that U.S. stockpiles fell for a fourth week in a row, alleviating concerns about oversupply amid global trade tensions.

West Texas Intermediate (WTI) crude (Clc1) had climbed 81 cents, or 1.4%, to $58.64 by 0151 GMT. Brent (LCOc1) was up 61 cents, or 1%, at $64.77, having earlier hit $64.95.

The U.S. and global benchmarks have gained this year as the Organization of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have honored commitments to cut output.

Investors have also been on the lookout for any signs that unrelenting production from the United States is being consumed.

U.S. crude stockpiles fell more than forecast last week, while gasoline inventories decreased and distillate stocks built, data from industry group the American Petroleum Institute (API) showed on Tuesday. [API/S]

Crude inventories fell by 8.1 million barrels in the week to July 5 to 461.4 million, compared with analyst expectations for a decrease of 3.1 million barrels, according to the data.


Source: fxstreet