<p>Crude oil futures rose on Wednesday after a more-than-expected draw in US crude stockpiles and as solid US factory data raised optimism of a post-pandemic economic recovery, boosting risk appetite among investors.</p>.<p>Brent crude futures were up 33 cents at $45.91 a barrel as of 0034 GMT, extending gains into a third day.</p>.<p>US West Texas Intermediate futures rose 33 cents to $43.09, following the previous day's gain by 15 cents.</p>.<p>US crude inventories fell by 6.4 million barrels in the week to August 28 to about 501.2 million barrels, the American Petroleum Institute (API) said, compared with analysts' expectations for a draw of 1.9 million barrels.</p>.<p>Gasoline stocks also fell by 5.8 million barrels, more than analysts' estimates of a draw of 3.0 million barrels.</p>.<p>Analysts had forecast a sixth weekly drawdown in US crude inventories in a Reuters poll.</p>.<p>"Positive tone was also set on hopes for a swift economic recovery following a healthy US economic data, which raised investors' risk appetite and propelled US stock market and oil prices," Kazuhiko Saito, chief analyst at Fujitomi Co, said.</p>.<p>"Also, slower-than-expected resumption of oil output in the United States after Hurricane Laura raised concerns over tighter supply," he said.</p>.<p>US manufacturing activity accelerated to a more than 1-1/2-year high in August amid a surge in new orders, lending support to Wall Street and oil markets.</p>.<p>US Gulf of Mexico offshore oil output on Tuesday was down by 525,099 barrels per day, or 28.4% of the region's daily production, the US Department of Interior reported, as energy companies restarted more activity in the aftermath of Hurricane Laura.</p>.<p>Still, 71 of the US Gulf of Mexico's 643 manned platforms remained evacuated, down from 117 production platforms on Monday, the regulator said.</p>.<p>On the global supply side, oil output by the Organization of the Petroleum Exporting Countries (OPEC) rose by about 1 million barrels per day (bpd) in August, a Reuters survey found.</p>.<p>From May 1, OPEC and allies, known as OPEC+, made a record cut of 9.7 million bpd, or 10% of global output, after the virus destroyed a third of world demand. From August 1, the cut tapered to 7.7 million bpd until December.</p>
<p>Crude oil futures rose on Wednesday after a more-than-expected draw in US crude stockpiles and as solid US factory data raised optimism of a post-pandemic economic recovery, boosting risk appetite among investors.</p>.<p>Brent crude futures were up 33 cents at $45.91 a barrel as of 0034 GMT, extending gains into a third day.</p>.<p>US West Texas Intermediate futures rose 33 cents to $43.09, following the previous day's gain by 15 cents.</p>.<p>US crude inventories fell by 6.4 million barrels in the week to August 28 to about 501.2 million barrels, the American Petroleum Institute (API) said, compared with analysts' expectations for a draw of 1.9 million barrels.</p>.<p>Gasoline stocks also fell by 5.8 million barrels, more than analysts' estimates of a draw of 3.0 million barrels.</p>.<p>Analysts had forecast a sixth weekly drawdown in US crude inventories in a Reuters poll.</p>.<p>"Positive tone was also set on hopes for a swift economic recovery following a healthy US economic data, which raised investors' risk appetite and propelled US stock market and oil prices," Kazuhiko Saito, chief analyst at Fujitomi Co, said.</p>.<p>"Also, slower-than-expected resumption of oil output in the United States after Hurricane Laura raised concerns over tighter supply," he said.</p>.<p>US manufacturing activity accelerated to a more than 1-1/2-year high in August amid a surge in new orders, lending support to Wall Street and oil markets.</p>.<p>US Gulf of Mexico offshore oil output on Tuesday was down by 525,099 barrels per day, or 28.4% of the region's daily production, the US Department of Interior reported, as energy companies restarted more activity in the aftermath of Hurricane Laura.</p>.<p>Still, 71 of the US Gulf of Mexico's 643 manned platforms remained evacuated, down from 117 production platforms on Monday, the regulator said.</p>.<p>On the global supply side, oil output by the Organization of the Petroleum Exporting Countries (OPEC) rose by about 1 million barrels per day (bpd) in August, a Reuters survey found.</p>.<p>From May 1, OPEC and allies, known as OPEC+, made a record cut of 9.7 million bpd, or 10% of global output, after the virus destroyed a third of world demand. From August 1, the cut tapered to 7.7 million bpd until December.</p>