WASHINGTON (dpa-AFX) - Oil prices were moving higher on Wednesday after two sessions of losses. The upside remained capped ahead of key data releases and due to uncertainty around the upcoming U.S. presidential election.
Benchmark Brent crude futures rose 0.6 percent to $71.14 a barrel, while WTI crude futures were up 0.7 percent at $67.69.
Markets were reacting to the latest oil report from the American Petroleum Institute (API), which showed an unexpected draw in inventories in the U.S., the world's largest oil consumer.
The American Petroleum Institute reported an inventory draw of 573,000 barrels during the week ended Oct.25, despite a 320,000-barrel increase in inventories at the Cushing delivery center, the largest storage facility in the U.S.
The inventory draw was contrary to expectations of a 2.3-million-barrel build.
Gasoline stocks fell by about 282,000 barrels last week, while distillate stocks- including diesel and heating oil-lost about 1.46 million barrels.
The U.S. Energy Information Administration's (EIA) weekly inventory report is due later in the day.
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