Oil prices rise amid larger-than-expected decline in U.S. crude inventories
(MENAFN) Oil prices increased in early Asian trading on Wednesday, driven by data revealing a larger-than-anticipated drawdown in U.S. crude inventories, which has bolstered optimism for robust fuel demand during the summer driving season in the world's largest oil consumer. By 0033 GMT, brent crude futures had risen by 16 cents, or 0.2 percent, to USD85.60 a barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 14 cents, or 0.2 percent, to USD82.95 a barrel.
Both benchmarks had declined at Tuesday's close as concerns diminished regarding potential production disruptions in the Gulf of Mexico caused by Hurricane Beryl. The significant decrease in U.S. crude oil inventories, which fell by 9.163 million barrels in the week ending June 28, was highlighted by sources citing data from the American Petroleum Institute on Tuesday. The U.S. Energy Information Administration, the Department of Energy's statistical arm, is set to release its weekly data on Wednesday at 1430 GMT, which will provide further insights into inventory levels and fuel demand trends.
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