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Oil rose on Wednesday after US data showed sharp falls in fuel inventories in the world's largest consumer, while Opec's president said the group might cut crude output again in December.
US crude settled 48 cents higher at US$58.76 a barrel, the first time in four sessions oil has gained. Prices remained in the lower end of the US$58-US$62 range that has bound them since early October.
London Brent crude rose 62 cents at US$59.45.
Inventory data from the United States showed distillate stocks fell 3.6 million barrels last week on strong demand. The fall was much sharper than the 400,000 barrels forecast in a Reuters poll of analysts.
Distillate demand in the past four weeks averaged 4.5 million barrels per day, the sixth highest four-week average on record and 9.5 per cent higher than a year ago, according to the report.
Petrol stocks also fell much more than expected, and dropped below levels this time last year.
- REUTERS
