Brent oil rises above $60, buoyed by U.S. inventory drawdown

* API data shows bigger-than-expected drop in U.S. crude
inventory
* U.S. warns Iran tanker not to deliver oil to Syria
* Coming up: Weekly EIA inventory at 1430 GMT

By Jessica Jaganathan
SINGAPORE, Aug 21 (Reuters) - Prices for Brent oil rose
above $60 a barrel for the first time in over a week on
Wednesday amid data that showed a larger-than-expected drawdown
in U.S. crude inventories, but ongoing worries about a global
economic recession capped gains.
Brent crude LCOc1 had risen 13 cents, or 0.2%, to $60.16 a
barrel by 0136 GMT, after settling 0.5% higher on Tuesday.
U.S. crude CLc1 was up 12 cents, or 0.2%, at $56.25 a
barrel.
U.S. crude oil stocks fell by 3.5 million barrels to 439.8
million in the week to Aug. 16, data from industry group the
American Petroleum Institute (API) showed on Tuesday. Analysts
polled by Reuters had expected a decrease of 1.9 million
barrels.
Inventory numbers from the government's Energy Information
Administration (EIA) are due at 10:30 a.m. EDT (1430 GMT) on
Wednesday.
"U.S. inventory data this week will again be a more critical
catalyst than usual given that we are nearing the end of peak
U.S. driving season," Stephen Innes, managing partner, VM
Markets, said in a note.
Tensions in the Middle East remained in focus as U.S.
Secretary of State Mike Pompeo said on Tuesday that the country
would take every action it can to prevent an Iranian tanker
sailing in the Mediterranean from delivering oil to Syria in
contravention of U.S. sanctions. Crude prices were also buoyed by official data showing lower
exports in June from Saudi Arabia, the world's top oil exporter.
Saudi Arabia plans to keep its crude oil exports below 7
million bpd in August and September despite strong demand from
customers, to bring the market back to balance, a Saudi oil
official told Reuters earlier this month. But uncertainty over the global economic outlook amid the
Sino-U.S. trade war capped gains in oil prices.
"The trade-related tug of war in the oil market will
probably extend until we get some semblance of clarity from the
next round of U.S.-China trade discussion," Innes said.