India, May 7 -- Oil prices traded higher on Wednesday, extending gains from the previous session on signs of weakening production in the U.S. and higher demand in Europe and China.
Benchmark Brent crude futures rose 0.7 percent to $62.60 a barrel in early European trading, while WTI crude futures were up 0.9 percent at $59.60.
U.S. crude oil stocks fell by 4.49 million barrels in the week ended May 2, according to the American Petroleum Institute (API).
Gasoline inventories showed a draw of 1.97M barrels for the week and stockpiles at the Cushing storage hub showed a draw of 854K barrels, while distillate inventories signaled a build of 2.24M barrels.
The Energy Information Administration will release its weekly U.S. petroleum supply re...