Oil Prices Rise To Highest Levels In Three Weeks

2025-03-26 02:43:01

(MENAFN- The Peninsula) QNA

Singapore: Oil prices rose slightly on Wednesday due to concerns over supply, as the US is stepping up efforts to limit Venezuelan oil exports, while a bigger-than-expected drop in US inventories helped support prices.

Brent crude futures gained 20 cents, or 0.3%, to $73.22. US West Texas Intermediate crude futures rose 20 cents, or 0.3%, to $69.20 a barrel.

Both crude benchmarks reached their highest levels in three weeks in the previous session.

The market received support after data from the American Petroleum Institute showed that US crude inventories fell by 4.6 million barrels in the week ending March 21, indicating strong fuel demand in the world's largest economy.

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