MTECHTIPS;-Oil rises for second day as U.S. crude inventories fall

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MTECHTIPS;-Oil rises for second day as U.S. crude inventories fall

MTECHTIPS-Oil prices edged higher for a second day on Wednesday after data showed U.S. crude inventories fell more than expected last week, easing worries about oversupply that have dragged on markets in recent sessions. Brent crude was up 57 cents, or 0.8 percent, at $74.01 a barrel by 0623 GMT. The global benchmark settled 38 cents higher on Tuesday. U.S. West Texas Intermediate rose 27 cents, or 0.4 percent, to $68.79, having risen nearly 1 percent in the previous session. U.S. crude and fuel stockpiles fell more than expected last week, industry group the American Petroleum Institute (API) said on Tuesday. Reports that China will increase infrastructure spending also helped reduce concerns that U.S.-China trade tensions will dent the country’s demand for oil. “Prices are moving higher after the API reported a more massive draw than analysts had expected,” said Stephen Innes, Head of Trading, APAC at brokerage OANDA. The market has also been supported by a report from the International Monetary Fund about skyrocketing inflation in Venezuela, limiting its ability to boost oil output, Innes said

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