New York — Oil prices rose about 1% on Thursday after a larger than expected draw in US inventories, providing some relief amid investor scepticism that Opec-led cuts will be enough to rebalance an oversupplied market. US crude stocks fell sharply last week, driven by a surge in refining and exports to record highs, while gasoline inventories also dropped sharply ahead of the start of the summer driving season, the Energy Information Administration (EIA) said. "It’s what the market needs to get a little more excited about prices," said Scott Shelton, energy specialist at ICAP in Durham, North Carolina. Oil futures extended their gains after the data with US crude futures 1.2%, or 58 cents, higher at $48.90 a barrel by 4.45pm GMT, while Brent crude gained 41 cents to $51.17. The EIA data showed that crude inventories dropped 6.4-million barrels, more than the 4.4-million-barrel drop forecast although a smaller drawdown that industry group the American Petroleum Institute’s (API) repo...
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