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DirectOil prices rose on Wednesday after a sharp decline in US crude inventories, but reduced their gains with a sharp increase in US output.
EIA data revealed that US oil inventories fell by about 10 million barrels last week, more than expected, and gasoline inventories also dropped .
The drop in inventories reflects the validity of demand for crude oil and investors have dismissed fears of a recession in the economy and their appetite for oil.
US oil production reached a record 12,500 million barrels last week, compared with 12,300 million barrels the previous week.
Fears of a global economic recession have spread in recent days, as the United States and China intensified their trade dispute by announcing their intention to raise tariffs.
In settlement, the futures price for US crude "Nymex" for delivery in October increased 1.6% to $ 55.78 per barrel after recording a level of $ 56.75 per barrel at during the session.
At approximately 18:45 GMT, the Brent crude futures contract for delivery in October increased by 1.7% to $ 60.52 per barrel after reaching $ 61 per barrel before.
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