Oil rises on US crude drawdown, but oversupply still weighs

Oil prices rebounded on Wednesday, with US crude snapping a five-day decline, after another weekly inventory draw but gains were still limited by a huge supply overhang and concerns about a stronger dollar.

US crude stocks fell nearly 2.7 million barrels last week, down for a third consecutive week, as refineries hiked output, the government-run Energy Information Administration (EIA) said. Gasoline and distillate inventories also declined.

US crude settled up 99 cents, or 1.7 per cent, at $58.98 a barrel.

Brent oil, the more widely-followed followed benchmark, settled up $1.01, or 1.6 per cent, at $65.03.

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