US oil jumps after data shows surprise US stock draw

By REUTERS
March 15, 2017 05:46
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Breaking news. (photo credit: JPOST STAFF)

US oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in US crude stockpiles and Goldman Sachs put a positive spin on OPEC's compliance with output cuts.

US West Texas Intermediate crude was trading up 70 cents, or 1.5 percent, at $48.42 a barrel by 0036 GMT, having earlier risen more than $1 to $48.87. The rise came after the contract fell for a seventh session in a row on Tuesday, the longest losing streak since January 2016.


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