MELBOURNE : Oil prices turned higher on Wednesday, erasing losses from the previous session, after industry data showed U.S. crude stocks fell last week, underlining how tight global supplies are amid the hit to Russian output from economic sanctions on Moscow.
U.S. West Texas Intermediate crude futures rose 87 cents, or 0.8per cent, to $110.14 a barrel, after losing 36 cents on Tuesday. Supply remains tight. The latest data from the American Petroleum Institute industry group showed crude stocks fell by 4.3 million barrels for the week ended March 18, according to market sources, which defied analysts' forecasts for an increase. [API/S]
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