US Oil Jumps After Data Shows Surprise US Stock Draw

U.S. oil prices rose more than 2 percent in early Asian trade on Wednesday, recovering from a three-month low after industry data showed a surprise drawdown in U.S. crude stockpiles and Goldman Sachs put a positive spin on OPEC's compliance with output cuts.

U.S. West Texas Intermediate crude was trading up 70 cents, or 1.5 percent, at USD48.42 a barrel by 0036 GMT, having earlier risen more than USD1 to USD48.87. The rise came after the contract fell for a seventh session in a row on Tuesday, the longest losing streak since January 2016.

Brent futures were up 60 cents, or 1.2 percent, at USD51.52, after settling down 43 cents at USD50.92 on Tuesday, the lowest finish since November.

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