US Oil Prices Rise 3% on Large Inventory Decline

US crude prices rose 3% on Wednesday in post settlement trading after US inventory data showed what might be the largest weekly stock draw in over three decades. 
US crude inventories declined by 12.1 million barrels in the week ending September 2, according to data released from the American Petroleum Institute. 
If data released on Thursday from the US government confirms the draw, it will be the largest one-week decline since April 1985. 
US crude increased after the data release by as much as 71 cents or 1.6%. It settled earlier up 67 cents at $45.50 a barrel, a third consecutive session of gains. 
Brent futures rose 72 cents to settle at $47.98 a barrel. 
Trading this week has remained fairly volatile as the market focused on the possibility that the world's top oil producers could strike a deal on an output freeze later this month. 
Oil rose to the highest level in a week on Monday after Russia and Saudi Arabia agreed to cooperate on stabilising the oil market. Prices have since fallen due to uncertainty over the deal. 
The Organization of the Petroleum Exporting Countries and non-OPEC producers such as Russia are expected to discuss an output freeze at informal talks in Algeria on September 26-28.

Source : QNA