Oil prices rise after bigger-than-expected fall in US inventories
Updated : May 30, 2019 08:04 AM IST
US West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3 percent, at $59 a barrel by 0023 GMT. They closed down 0.6 percent on Wednesday after hitting their lowest since March 12 at $56.88.
Brent crude futures, the international benchmark for oil prices, were up 3 cents at $69.48 a barrel. They fell nearly 1 percent in the previous session after recouping losses that saw them drop as far as $68.08.
US crude inventories declined by 5.3 million barrels in the week to May 24 to 474.4 million, data from industry group the American Petroleum Institute showed.