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Crude Oil Recovers as US Crude Oil Inventories Decline
US crude oil prices rose at the start of Asian trading on Wednesday, moving from the previous session's low as prices found support after US Petroleum Institute data showed a drop in US crude inventories.
US crude futures traded at $ 65.69 a barrel, after hitting a high of $ 65.73 a barrel, while opening today's session at $ 65.49 a barrel, and hit a low of $ 65.43 a barrel.
US crude hit a two-month low on Tuesday after OPEC sources and industry sources said the US government had informally asked Saudi Arabia and other OPEC producers to increase oil production, although it did not ask for a specific figure .
The US Petroleum Institute report showed US crude inventories fell by 2 million barrels last week compared to expectations of a 1.8 million barrel decline.
The data comes ahead of the US Energy Agency's most up-to-date report. The report is expected to see US crude inventories fall by 2 million barrels from the previous reading, which was down 3.6 million barrels.
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