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1/26, 11:19 AM (Source: TeleTrader)
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Oil trades higher on draw in US inventories

Crude futures climbed on Wednesday after private data showed a drop in United States oil inventories.

According to the American Petroleum Institute (API), US stockpiles fell by 872,000 barrels last week. The Energy Information Administration (EIA) is set to publish official data on inventories later in the day, while investors will also be keeping an eye on the US Federal Reserve's latest monetary policy decision set to be announced today.

International benchmark Brent for deliveries in March jumped 0.95% to sell for $89.04 per barrel at 5:07 am ET and West Texas Intermediate (WTI) for settlements in March rose 0.71% to go for $86.21 per barrel at the same time.

Baha Breaking News (BBN) / NP