US crude futures rose on Wednesday after a more than three percent slide in the previous session, supported by a larger than expected drop in crude inventories, although a firmer dollar capped gains.
U.S. crude for July delivery rose 45 cents to $58.44 a barrel as of 0002 GMT. The June contract, which expired on Tuesday, settled down $2.17 at $57.26.
Front month Brent futures rose 50 cents to $64.52 after falling $2.25 in the previous session to close at $64.02 a barrel.
U.S. crude inventories fell by 5.2 million barrels to 476.7 million in the week to May 15, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected a drop of 1 million barrels.
Official inventory numbers are due on Wednesday from the U.S. government. [EIA/S]
Iraqi security forces deployed tanks and artillery around Ramadi on Tuesday ready for a counterattack against Islamic State fighters who captured the Anbar provincial capital on Sunday.
Yemen`s exiled government ruled out peace talks, scheduled for the end of May, with Houthi rebels until they implement a U.N. Security Council resolution that included handing over captured weapons, its vice president said on Tuesday.
Islamist-led insurgents seized an army base at Idlib, northwestern Syria following heavy clashes with the Syrian military, a rebel leader said on Tuesday.
Oil prices are expected to rise by the beginning of the second half of this year, while demand would also increase, Mustafa Sanallah, head of Libya`s National Oil Corp said on Tuesday.
Libya`s National Oil Corp hopes to boost production by 200,000 barrels per day in the next two months, up from the current 436,000 bpd, NOC head Mustafa Sanallah said on Tuesday.
China will need to exceed its official targets for installed solar and wind capacity if it`s to reach its goal of raising the share of non-fossil fuels in primary energy use to 15 percent in 2020, an energy official said on Tuesday.
