Oil prices rise after data shows big drop in U.S. inventories

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Oil prices rise after data shows big drop in U.S. inventoriesOil prices rose on Wednesday after an industry report showed that crude stockpiles in the U.S. fell last week by more than twice the amount that analysts had forecast. Prices had ended lower on Tuesday, squeezed by speculation of a return of sanctions-hit Iranian crude exports to the market following United States President Donald Trump's move to fire national security adviser John Bolton, a noted Iran policy hawk. 'The U.S. hasn't changed its tune yet (on Iran) and the Saudis are really trying to tighten inventories,' said Greg McKenna, strategist at McKenna Macro.


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