SINGAPORE (Reuters) - Oil moved up above $73 a barrel on Wednesday, after falling more than $1 the previous day, supported by industry data showing an unexpectedly large drop in U.S. crude stocks, but gains were curbed by the steady dollar.
Crude inventories in the world's largest oil consumer fell 5.8 million barrels last week, bucking expectations for an increase, as refiners boosted fuel production, the American Petroleum Institute (API) said. U.S. crude for January delivery rose 50 cents to $73.12 a barrel by 0258 GMT, after falling by $1.31 on Tuesday. NYMEX crude hit its lowest level since late November at $72.43 in the previous session, and has lost 7.3 percent since prices last rose on December 1.
Full Story: Oil recovers to above $73 on surprise inventory drop - Reuters
Crude inventories in the world's largest oil consumer fell 5.8 million barrels last week, bucking expectations for an increase, as refiners boosted fuel production, the American Petroleum Institute (API) said. U.S. crude for January delivery rose 50 cents to $73.12 a barrel by 0258 GMT, after falling by $1.31 on Tuesday. NYMEX crude hit its lowest level since late November at $72.43 in the previous session, and has lost 7.3 percent since prices last rose on December 1.
Full Story: Oil recovers to above $73 on surprise inventory drop - Reuters
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