Oil moves up on reports of draw in US crude inventory and Japanese imports
SINGAPORE — Oil prices climbed on Wednesday, supported by a reported draw in US crude inventories and firm import data from Japan.US West Texas Intermediate (WTI) crude futures were up 1.8%, or 81c, at $44.86 a barrel at 4.03am GMT. The October contract expired yesterday at $43.44 a barrel and the front-month rolled over to November delivery.Traders said that the main WTI price driver had been American Petroleum Institute data showing a 7.5-million barrel draw to 507.2-million barrels in US crude inventories, the third weekly stock draw.Market participants had expected an increase of 3.4-million barrels, according to a Reuters poll.Official storage data is due to be published by the US Energy Information Administration (EIA) later on Wednesday. Another point of focus is the US Federal Reserve interest-rates decision later in the day.Singapore -based brokerage Oanda said if the EIA follow the unexpected drawdown like the API and there US interest rates did not rise oil bulls could we...
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