Oil rose nearly 2% early on Wednesday after industry data showed crude inventories in the United States dropped sharply, but analysts said uncertainty had crept into the market amid growing suspense over the result of the U.S. presidential election.
West Texas Intermediate was up 71 cents, or 1.9%, at $38.37 a barrel by 0157 GMT, having gained more than $1 earlier in the day. Brent crude was up 64 cents, or 1.6%, at $40.35.