WASHINGTON (dpa-AFX) - Oil prices pushed higher for a second day running on Wednesday, with sanctions-related supply risks and an unexpected dip in U.S. crude oil inventories offering support.
Benchmark Brent crude futures were up 1.6 percent at $62.29 a barrel in European trade while WTI crude futures jumped 1.7 percent to $58.20.
Investors reassessed the latest situation on the geopolitical front after the White House said that President Trump no longer planned to meet with Russian President Vladimir V. Putin in 'the immediate future.'
'I don't want to have a wasted time, so I'll see what happens,' Trump said on Tuesday when asked why the meeting was put off.
In another development, Trump reiterated India would trim its purchases of Russian energy.
The U.S. could substantially slash tariffs on Indian exports to 15-16 percent from the current 50 percent as part of a trade deal that could see New Delhi cut oil purchases from Russia, Indian media outlets reported.
Meanwhile, industry data showed U.S. crude inventories dropped for the first time in four weeks, signaling stronger demand.
The American Petroleum Institute's latest report showed that the actual inventory levels of U.S. crude oil, gasoline, and distillates stocks have dropped by 2.980 million barrels in the week ending October 17, in stark contrast to the previous week's increase of 3.524 million barrels.
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