Oil prices rise for a second day on China demand, US stockpile drop
International benchmark Brent crude oil futures rose 21 cents, or 0.29 percent, to USD 71.93 a barrel by 0319 GMT. Brent gained as much 0.5 percent to 72.08 a barrel, the highest since November 8 and the highest this year. Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly. International benchmark Brent crude oil futures rose 21 cents, or 0.29 percent, to USD 71.93 a barrel by 0319 GMT. Brent gained as much 0.5 percent to 72.08 a barrel, the highest since November 8 and the highest this year. US West Texas Intermediate (WTI) crude futures were at USD 64.45 per barrel, up 40 cents, or 0.6 percent from their previous settlement. “Crude oil futures edged up as market sentiments were buoyed by a surprise drawdown in US crude oil inventories and tighter market fundamentals ...