WASHINGTON (dpa-AFX) - Oil prices ticked higher on Wednesday after industry data revealed a significant drop in U.S. oil inventories, boosting optimism around strong fuel demand.
Benchmark Brent crude futures rose half a percent to $72.9 in European trade, while WTI crude futures were up 0.6 percent at $69.17.
The American Petroleum Institute (API) reported that U.S. crude oil inventories declined by 5.9 million barrels in the week ended Nov. 22, defying analysts' expectations of a small build and reversing the previous week's 4.75-million-barrel increase.
Cushing crude oil stocks fell by 734,000 barrels while gasoline stocks rose by 1.8 million barrels last week and distillate stocks-including diesel and heating oil-increased by more than 2.5 million barrels.
Government inventory data from the Energy Information Administration is set for release later in the day.
A weaker dollar and somewhat positive Chinese data also helped oil prices push higher.
Data showed China's industrial profit decline eased to 10 percent year-on-year in October from 27.1 percent the previous month.
The dollar steadied against major peers ahead of the October Personal Consumption Expenditures (PCE) price index due later on Wednesday and the Thanksgiving holiday on Thursday.
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