West TX Oil back above $100 on Inventory Draw

U.S. crude futures rose in early Asian trade on Wednesday, moving back towards $100 a barrel after the American Petroleum Institute (API) said U.S. crude stocks declined last week, defying analysts’ expectations for a build.

U.S. crude gained 37 cents a barrel at $99.87 as of 0033 GMT after it settled 2 cents higher at $99.50 a barrel on the previous session.  Brent crude edged up 15 cents a barrel at $107.21 a barrel after ending down 66 cents to 107.06 per barrel.

U.S. crude stocks fell last week as refineries increased output, while gasoline inventories increased and distillate stocks built, data from industry group API showed on Tuesday.

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