WASHINGTON (dpa-AFX) - Oil prices were slightly higher in European trade on Wednesday after industry data showed a larger-than-expected drop in U.S. oil and gasoline stocks.
Benchmark Brent crude futures edged up 0.1 percent to $92.45 a barrel, while WTI crude futures were up 0.3 percent at $86.78.
The American Petroleum Institute (API) reported a draw for crude oil stocks of 448,000 barrels for the week ended Aug.12, while analysts predicted a smaller draw of 117,000 barrels.
The draw came as the Department of Energy released 3.4 million barrels from the Strategic Petroleum Reserves during the week.
There was a draw in gasoline inventories of about 4.5 million barrels for the week, helping ease concerns over waning demand at the world's largest consumer.
Traders await the official data from the Energy Information Administration later in the day for confirmation.
Meanwhile, the European Union and United States said they were studying Iran's response to what the EU has called its 'final' proposal to save a 2015 nuclear deal.
A U.S. State Department spokesperson said the United States was sharing its views on Iran's response with the European Union on the way forward to salvage the deal.
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