Singapore: Oil prices rose in Asian trade on Wednesday on an unexpected fall in US crude stockpiles, analysts said. (Agencies)
New York's main contract, light sweet crude for delivery in January rose 52 cents to USD 87.27 a barrel and Brent North Sea crude for January delivery added 62 cents to USD 110.45.
The black gold received support from "the American Petroleum Institute (API) report showing a stock drawdown", said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.
"What's driving it is primarily the report from the API showing a crude oil inventory draw," he told media.
The API data on Tuesday showed US inventories falling by more than 1.9 million barrels last week, compared with analyst projections of a 900,000 barrel gain.
This indicates a pickup in energy demand in the world's largest economy and oil consumer.
Singapore: Oil prices rose in Asian trade on Wednesday on an unexpected fall in US crude stockpiles, analysts said.