Oil inches up on surprise draw in U.S. crude stockpiles

Oil prices rose for a fourth day on Wednesday after industry data showed a surprise decline in U.S. crude inventories and tension over the disappearance of a prominent Saudi journalist stoked supply worries.

Brent crude LCOc1 was up 15 cents at $81.56 a barrel by 0735 GMT, after gaining $1.15 in the previous three sessions. The global benchmark, which hit a two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3.

U.S. light crude oil CLc1 was up 10 cents at $72.02.

“Numbers from the American Petroleum Institute surprised the market yesterday, with U.S. crude oil inventories declining by 2.13 million barrels over the last week, compared to expectations of a stock build,” said ING commodities strategist Warren Patterson.