Oil Ticks up on Inventory Drawdown Outlook

Oil prices inched up during Asian trade on Wednesday despite a surprise jump in US stockpiles, driven by geopolitical risks and forecasts of an eventual inventory drawdown during the third quarter peak demand season. Brent crude oil futures rose 40 cents, or 0.5%, to $85.41 a barrel. US West Texas Intermediate crude futures gained 43 cents, or 0.5%, to $81.26 per barrel. Official US government data on oil and fuel stockpiles is due later today. Source: Qatar News Agency