SINGAPORE (AP) -- Oil prices rose to near $60 a barrel Wednesday in Asia as an unexpected drop in U.S. crude inventories suggested demand may be picking up.
Benchmark crude for June delivery was up $1.01 to $59.86 a barrel by late afternoon in Singapore, in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract rose to a six-month high of $60.08 a barrel before settling at $58.85, up 35 cents.
After settlement in New York, the American Petroleum Institute said oil stocks fell 3.13 million barrels to 370.7 million last week. Analysts had expected a gain of 1.4 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
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