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Oil off highs but still up 1%

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic trimmed gains, but still trade more than 1% higher on the day on reports of falling US stockpiles.

Brent futures now trade at USD 44.05/barrel; up 1.1%. WTI crude oil futures now trade around USD 40.90/barrel; down from the daily high of USD 41.54/barrel, but still up 0.53% up on the day.

Prices received a boost from the American Petroleum Institute (API) report released Tuesday, which showed US crude stockpiles fell last week by 482,000 barrels due partly to higher refinery runs.

Official government weekly inventory data from the Energy Information Administration (EIA) is scheduled for release later today.

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