The petroleum market extended gains on Wednesday after U.S. government data showed a sharp drop in the nation's stockpile of crude oil and a drop in fuel inventories.
Prices were already higher after Saudi Arabia appeared undaunted by pressure from President Donald Trump on the Organization of the Petroleum Exporting Countries to prevent steeper price rises.
Data released Wednesday by the U.S. Energy Information Administration revealed commercial crude stockpiles south of the border fell by 8.6 million barrels in the week through Feb. 22, or more than twice the drop of 4.2 million barrels reported by the American Petroleum Institute on Tuesday. It also ran counter to the forecasts in an economist survey for a rise of 2.8 million barrels.
International Brent crude futures were up $1.03, or 1.6% on the day, at $66.24 U.S. a barrel mid-morning Wednesday. U.S. West Texas Intermediate crude futures rose $1.42, or 2.6%, to $56.92 a barrel.
Saudi Energy Minister Khalid al-Falih said OPEC and its partners were "taking it easy" in response to a tweet from Trump on Monday that called on the group to slacken its restrictions on crude production.
Falih added that he is leaning toward extending the deal to curb output into the second half of 2019, but OPEC remains flexible and will assess market conditions before making a decision.
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