Oil prices rise as U.S. crude stockpiles drop

NEW YORK, Feb. 27 (Xinhua) -- Oil prices rose on Wednesday after data showed U.S. crude stockpiles declined sharply.

U.S. commercial crude oil inventories decreased by 8.6 million barrels in the week ending Feb. 22 from the previous week, the U.S. Energy Information Administration said on Wednesday.

The number was more than twice the drop of 4.2 million barrels reported by the American Petroleum Institute on Tuesday.

The West Texas Intermediate for April delivery increased 1.44 U.S. dollars to settle at 56.94 U.S. dollars a barrel on the New York Mercantile Exchange, and Brent crude for April delivery was up 1.18 dollars to close at 66.39 dollars a barrel on the London ICE Futures Exchange.