Crude prices strengthen on U.S. export hopes

Oil reaped minor gains in early Asia trade Wednesday, with U.S. oil prices strengthening on hopes of the country becoming an oil exporter again and on expectations of a decline in stockpiles there.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG6, +0.89%  rose 31 cents, or 0.9%, to 36.45 a barrel. February Brent crude on London’s ICE Futures exchange LCOG6, +1.11%  gained 39 cents, or 1.1%, to $36.50 a barrel.

Overnight, the U.S. benchmark, or West Texas Intermediate, surpassed Brent for the first time in years with Brent settling at a new 52-week low. Analysts say the rising confidence in U.S. oil was partly boosted by the U.S. government’s last week decision to reverse a 40-year export ban on U.S. crude.

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