Oil prices rose on Thursday, holding onto a late-session rally the previous day, buoyed by the U.S. government data showing a surprise drawdown 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 after settling down 14 cents, while 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.U.S. crude inventories fell by 4.6 million barrels last week, compared with analysts’ expectations for an increase of 246,000 barrels, EIA data showed on Wednesday.Oil has also received support from a turnaround in the U.S. stock market and a Reuters survey showing OPEC oil output fell in March to an 11-month low due to declining Angolan exports, Libyan outages and a further slide in Venezuelan output.
Oil Prices Renounced On Drawdown In U.S. Crude Inventories
