Singapore: Oil prices tumbled on Wednesday, with Brent crude futures falling $1.11, or 1.31%, to $83.62 a barrel, while US West Texas Intermediate (WTI) crude futures shed 81 cents, or 1.02%, to $78.53 a barrel.
The US Energy Information Administration (EIA) reported a draw of 1.7 million barrels in US crude oil inventories last week, smaller than the expected 2.6-million-barrel draw.
Oil prices settled about 2% higher on Tuesday, climbing to their highest level in a month.
