Oil prices rose in early Asian trading on Wednesday, with U.S. crude joining Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks.
U.S. crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The trade group’s figures were triple the draw of 1.7 million barrels forecast by analysts in a poll.
The U.S. government’s Energy Information Administration will issue official stockpile data on Wednesday. Markets remain vulerable amid the possibility the United Kingdom will vote to leave the European Union on Thursday in a referendum, with polls showing little difference between the “remain” and “leave” camps.
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