Learn more

By Scott DiSavino NEW YORK (Reuters) – Oil prices edged up about 1% on Wednesday on a bigger-than-expected U.S. crude storage withdrawal, a slump in U.S. crude output, Chinese economic stimulus, geopolitical tensions and a weaker dollar. Brent crude futures rose 49 cents, or 0.6%, to settle at $80.04 a barrel, while U.S. West Texas Intermediate crude (WTI) ended 72 cents, or 1.0%, at $75.09. China’s central bank will cut the amount of cash that banks must hold as reserves from Feb. 5, a move expected to shore up a fragile economic recovery. U.S. crude stockpiles tumbled by 9.2 million barrels …

cuu