By Yasin Ebrahim
Investing.com - U.S. oil stockpiles fell sharply last week, adding a further tailwind to oil prices following a cold snap sweeping across energy-rich Texas that has kept a lid on production.
U.S. crude inventories fell 5.8 million barrels last week, according to an estimate released Wednesday by the American Petroleum Institute, after a fall of 3.5 million barrels the previous week. Cushing inventory slipped by 3.0 million barrels, while gasoline inventories rose by 3.90 million barrels, and distillate stocks decreased by 3.5 million barrels.
Crude Oil WTI Futures, the U.S. benchmark for oil, rose $1.54 a barrel after settling up $1.09 at $61.14 per barrel.
Oil prices jumped above $60 a barrel earlier this week after a big freeze across parts of the South caused power outages and weighed on production activity.
The official government report due Thursday is expected to show weekly U.S. crude supplies declined by about 2.429 million barrels last week.