Oil Gains On Surprise Drawdown In U.S. Crude Inventories

Oil prices rose on Thursday, holding onto a late-session rally the previous day, buoyed by the U.S. government data showing a surprise draw down in crude stockpiles. U.S. West Texas Intermediate crude for May delivery was up 19 cents, or 0.3 percent, at $63.56 a barrel by 0140 GMT after settling down 14 cents. Front-month London Brent crude for June delivery was up 20 cents, or 0.3 percent, at $68.22, having ended down 10 cents. Before the rebound late on Wednesday, after the release of the Energy Information Administration (EIA) inventory data, WTI and Brent had hit two-week lows after China proposed a broad range of tariffs on U.S. exports, feeding fears of a trade war. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774