WASHINGTON (dpa-AFX) - Oil prices bounced off two-month lows on Wednesday after the American Petroleum Institute (API) reported U.S. crude stockpiles fell last week.
If confirmed by the Energy Information Administration (EIA) later in the day, it would mark the first decline in U.S. crude oil inventories since mid-January.
Markets also weighed the potential implications of a minerals deal between the U.S. and Ukraine.
Benchmark Brent crude futures rose 0.3 percent to $72.74 a barrel in European trade, while WTI crude futures were up 0.4 percent at $69.18.
The API's latest inventory report, a key indicator of U.S. petroleum demand, has estimated a dip of over 600,000 barrels in crude inventories for the week to February 12, sharply contrasting with the forecasted increase of 2.3 million barrels.
Meanwhile, the United States and Ukraine have agreed on the terms of a draft minerals deal amid ongoing talks to end the Ukraine-Russia war.
The draft minerals deal to turn over Kyiv's revenue from some of its mineral resources to Washington, says that the United States wants Ukraine to be 'free, sovereign and secure.'
Analysts said the deal might lead to the lifting of U.S. sanctions and that would eliminate the uncertainty around Russian exports.
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