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Oil climbs as data shows a decline in US stocks

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Industry data show a larger-than-expected drop in US crude inventories

Singapore — Brent crude oil futures rose above $60 a barrel for the first time in over a week on Wednesday after a data report showed a larger-than-expected drop in US crude inventories, but worries about a possible global recession capped gains.

Inventory numbers from the government’s Energy Information Administration are due at 2.40pm GMT on Wednesday, and will be more closely watched than usual given the nearing of the end of peak US driving season, analysts said. Oil prices were also buoyed by data showing lower exports in June from Saudi Arabia, the world’s top oil exporter.

 

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