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Brent crude <LCOc1> was up 67 cents, or 1.5%,
at $45.17 a barrel by 1012 GMT, after falling around 1% on
Tuesday.
West Texas Intermediate <CLc1> oil was up 65 cents, or 1.6%, at
$42.26 a barrel, having dropped 0.8% in the previous session.
The American Petroleum Institute [API] said on Tuesday that
crude stocks fell by 4 million barrels last week, versus
analysts' expectations in a Reuters poll for a draw of 2.9
million barrels.
It also showed falls in gasoline and distillate stocks. Official
government data is due later on Wednesday. [EIA/S] [API/S]
The "fall in U.S. API crude inventories..., the third sizeable
weekly fall in a row, has supported prices today," said Jeffrey
Halley, senior market analyst at OANDA.
A downward revision to a key U.S. oil production forecast for
this year also lent support to prices.
The U.S. Energy Information Administration now expects U.S.
crude production to fall by 990,000 barrels per day (bpd) this
year to 11.26 million bpd, steeper than the 600,000 bpd decline
it forecast last month.
Still, growing uncertainty over a stalemate in Washington in
talks for a stimulus package to support recovery from the
deepest impact of the pandemic may weigh on prices looking
ahead.
In India, refined fuels consumption fell to 15.68 million tonnes
in July, down 11.7% year-on-year and 3.5% below June's levels,
data from the Petroleum Planning and Analysis Cell (PPAC) of the
Ministry of Petroleum & Natural Gas showed.
(Additional reporting by Aaron Sheldrick in TOKYO; Editing by
Jan Harvey)
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