West TX Oil Steadies Around $68 as Crude Inventories Drop

U.S. crude futures gained more than one percent on Wednesday, rising close to $68 a barrel, after industry data showed a larger than expected drop in crude oil inventories in the United States.

U.S. crude for January was at $67.76 a barrel by 2353 GMT, up 88 cents, after dropping more than $2 in the previous session.  Brent on Tuesday fell $2.00 to settle at $70.54 a barrel, nearly testing Friday’s close of $70.15, the lowest since mid 2010.

U.S. crude stocks fell sharply last week as refineries increased output and imports plunged, while gasoline inventories were flat and distillate stocks rose, data from industry group the American Petroleum Institute showed on Tuesday.

CNBC

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