Oil gained after an industry report signaled US crude stockpiles shrunk for the first time in four weeks, while President Donald Trump reiterated India would trim its purchases of Russian energy.
West Texas Intermediate climbed toward $58 a barrel after closing 0.4% higher on Tuesday. Brent settled above $61. US inventories fell by 3 million barrels last week, while fuel stockpiles including gasoline dipped, according to the American Petroleum Institute. Government data is due later Wednesday.
Meanwhile, Trump claimed for the second straight week that he spoke with Prime Minister Narendra Modi about winding down imports of Russian oil. The Indian embassy didn't immediately respond to a request for comment.
Oil still remains on track for a third monthly loss as signs of a global surplus put downward pressure on prices, though that's provided an opportunity for the Trump administration to buy crude for its strategic reserves. The US plans to purchase 1 million barrels for delivery in December and January.
Source: Bloomberg
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