Singapore — Oil prices recovered some day-earlier losses in Asia on Wednesday, supported by a drop in US commercial crude inventories and the loss of storage capacity in oil producer Libya. US crude inventories fell by 3-million barrels to 430.6-million barrels in the week to June 15, according to American Petroleum Institute (API) in a weekly report on Tuesday. Brent crude futures rose 18c, or 0.2%, to $75.26 a barrel at 3.51am GMT, compared with their last close on Tuesday. US West Texas Intermediate (WTI) crude futures gained 20c, or 0.3%, to $65.27. Traders said a drop in Libyan supplies due to the collapse of an estimated 400,000-barrel storage tank also helped push up prices. Looming larger over markets, however, is a June 22 meeting in Vienna of oil cartel Opec with some other producers, including Russia, to discuss supply. De-facto Opec leader and top crude exporter Saudi Arabia, as well as Russia, which is not a member of the cartel but is the world’s biggest oil producer, ...
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