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MUMBAI: Oil was steady at around $79.50 a barrel on Wednesday, supported by industry data showing a surprise large drawdown in US crude inventories that blunted the impact of a strengthening dollar and weak Asian equities.

The American Petroleum Institute data showed after the contract’s settlement on Tuesday that US crude stocks fell by 3.5 million barrels last week.

Crude for December delivery fell 9 cents to $79.47 a barrel by 0254 GMT, after settling up 87 cents on Tuesday, its first rise in four days. London Brent crude was down 3 cents at $77.89. — Agencies

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