Oil rises as data shows surprise drop in U.S. crude inventories

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Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support.

Prices, however, were capped by mixed signs for oil demand in China, the world’s biggest crude importer, as industrial output rose more slowly than expected in October, but oil refinery throughput hit the second-highest level ever.

Brent futures LCOc1 rose 39 cents, or 0.6 per cent, to 62.76 dollars per barrel by 0606 GMT, while U.S.

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