Tokyo — Oil futures rose nearly 1% on Thursday after data released by an industry group showed a surprise decline in US crude stocks as imports fell, lending support to the view that a global glut is ending. The US West Texas Intermediate (WTI) crude April contract added 48c, or 0.9%, to $54.07 a barrel at 2.29am GMT. Brent crude was up 48c, or 0.8%, at $56.32, although both benchmarks were still well within recent tight ranges. Crude inventories fell by 884,000 barrels in the week to February 17 to 512.7-million, compared with analysts’ expectations for an increase of 3.5-million barrels, data from industry group the American Petroleum Institute (API) showed on Wednesday. The data added to optimism earlier in the week when oil cartel Opec said a deal with other producers including Russia to curb output was showing a high level of compliance.
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