USA crude oil refinery inputs increase last week

Donald Trump-oil prices

USA crude oil refinery inputs increase last week

Brent crude futures rose $1.13, or 1.8 percent, to $62.95 a barrel at 0611 GMT.

U.S. West Texas Intermediate crude fell 3 cents to $53.87 a barrel. On Tuesday, WTI had recorded its biggest daily rise since early January.

USA oil stockpiles fell across the board last week, with crude inventories dropping more than expected and refined products posting surprise drawdowns due to a rise in refining and crude exports, and drop in crude production, the Energy Information Administration said on Wednesday. The Fed's readiness to lower interest rates for the first time since 2008 boosted stock markets and weakened the dollar, spurring demand for commodities priced in the USA currency.

US crude inventories fell for the first time in three weeks through June 14, according to the Energy Information Administration.

Crude oil prices were up to begin Wednesday as U.S. President Donald Trump said he will hold a meeting with his Chinese counterpart Xi Jinping, calming worries that global oil demand would be weak this year.

Interaction between the two sides has been limited since then.

European Central Bank President Mario Draghi also offered a boost, saying on Tuesday that the central bank would ease policy again if inflation failed to accelerate.

- Brent is a "coiled spring" and may surge to US$75 a barrel over summer on improving fundamentals, rising geopolitical tensions in the Middle East and financial positioning, according to Citigroup.

Fears of a confrontation between Iran and the United States have mounted, with Washington blaming Tehran for the tanker attacks and Tehran denying any role.

Three people were wounded in the attack, which threatened to further escalate U.S. -Iran tensions in the region.

Having resolved a month-long fracas over when to meet, the Organization of Petroleum Exporting Countries and its allies now look likely to roll over the cuts when they gather on July 1-2 in Vienna.

"Crude oil exports ticked up to a large 3.4 million barrel per day, while domestic production ticked down, reflective of the recent decline in the rig count", he added. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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