OIL GAINS ON SUPPORTIVE US STOCKPILE DATA, GASOLINE DEMAND FIRM

Oil prices rose on Wednesday after a jump in U.S. refining activity last week prompted a bigger draw than expected from gasoline and crude inventories. Brent futures were up 59 cents, or 0.7% at $85.25 a barrel at 12:52 p.m. EDT, after falling 1.3% the previous session.

U.S. West Texas Intermediate (WTI) crude was up 79 cents, or 0.97%, to $82.20 a barrel, after falling 1.1% the previous session. U.S. crude futures rose by more than $1 per barrel earlier in the session.

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