MTECHTIPS:-Oil Prices Stay Higher as U.S. Crude Stocks Drop 1.9 M Barrels Last Week

MTECHTIPS:-Oil Prices Stay Higher as U.S. Crude Stocks Drop 1.9 M Barrels Last Week

MTECHTIPS- Oil prices held on to most of their gains on Wednesday, with the U.S. benchmark staying close to its best level since July 2015 after data showed U.S. crude stockpiles dropped last week. U.S. West Texas Intermediate (WTI) crude futures were at $57.55 a barrel, up 72 cents, or about 1.2%, by 10:35 AM ET (1535 GMT). Prices were at around $57.70 prior to the release of the inventory data. It touched its highest level since July 2015 at $58.05 earlier in the session. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., rose 24 cents, or around 0.4%, to $62.83 a barrel. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.9 million barrels in the week ended Nov. 17. That compared with analysts' expectations for a decline of 1.5 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of 6.4 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 1.8 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 457.1 million barrels as of last week, which the EIA considered to be at the upper half of the average range for this time of year

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