WASHINGTON (dpa-AFX) - Crude oil prices moved higher on Wednesday after data showed a drop in U.S. crude inventories in the week ended February 4th.
West Texas Intermediate Crude oil futures for March ended higher by $0.30 or about 0.3% at $89.66 a barrel. Oil prices rose to $90.58 before paring some gains.
WTI crude futures had slipped to $88.41 ahead of release of the inventory data.
Data released by U.S. Energy Information Administration (EIA) showed U.S. crude stocks dropped by 4.8 million barrels last week, the most for a week since October 2018, and was three times the expected decline.
Gasoline stocks were down 1.64 million barrels last week, while distillate stockpiles fell by 929,000 barrels in the week, the EIA data showed.
Brent crude futures were up $0.64 or 0.73% at $91.44 a barrel a little while ago.
Traders continued to closely follow news about Iran nuclear talks. According to reports, talks have entered a critical stage with officials from Iran, the U.S., Russia, China, Franec, Germany, Britain and the European Union beginning to meet in various formats today.
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