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Oil prices rise by 1%
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Oil prices rose by about 1 percent, supported by signs of strong demand for distillate products in the United States and reduced supply on world markets, but the dollar's rise and persistent concerns about a global economic slowdown have curtailed gains.
Brent crude futures rose 71 cents, or 1.15 percent, to settle at $ 62.69 a barrel after benchmark crude fell earlier to a session low of $ 61.05.
US data showed US crude inventories rose less-than-expected last week despite increased refineries.
Inventories increased 1.3 million barrels in the week ending February 1, compared with analysts' forecasts for a 2.2 million barrel increase.
Gasoline inventories rose 513,000 barrels, against analyst forecasts in a Reuters poll of 1.6 million barrels, but distillate inventories fell more-than-expected by 2.3 million barrels.
The United States announced sanctions against Venezuelan state oil company last week, a move that could constrain supplies, but this has not pushed prices soaring so far.
Concerns about weak global economic growth and the China-US trade dispute have also dampened morale, and oil fell on Tuesday after a survey showed business growth in the euro area almost stopped in January.
US President Donald Trump said in his State of the Union address that a trade deal with China could be concluded while senior Chinese and US officials were expected to start a new round of talks next week.
http://economy-news.net/content.php?id=15332
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