India, Feb. 26 -- 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 contrastin...