Oil prices rallied in Asian trading on Wednesday, extending a recent pullback as an industry group’s reading showing a drop in U.S. crude inventories raised hopes for a government report due later in the day. Light, sweet crude for January delivery climbed 1.6% at $57.75 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 0.6% to $62.95 a barrel. The American Petroleum Institute said late Tuesday in the U.S. that its data showed that domestic oil supplies fell by 6.4 million barrels last week. A pump jack in the oil fields surrounding Midland, Texas, in November. Photo: Bloomberg News By comparison, the U.S. Energy Information Administration is expected to report that crude stockpiles declined by 1.5 million barrels in the week ended Nov. 17, according to the average estimate of analysts and traders surveyed by The Wall Street Journal. The drop in inventories would follow […]