Oil prices rose for a second day on Wednesday after data showed US crude inventories fell more than expected, easing worries about oversupply that have dragged on markets in recent weeks.
Brent crude was up 40 cents, or 0.55 percent, at $73.84 a barrel by 1310 GMT, after gaining 0.5 percent on Tuesday. US light crude was 20 cents higher at $68.72, having risen nearly 1 percent in the previous session.
US crude and fuel stockpiles fell more than expected last week, industry group the American Petroleum Institute (API) reported late on Tuesday.
“The overnight API figures set a positive tone for oil prices, with draws across the main inventory categories from crude to a sizeable decline in gasoline, which is seasonally the focal point as the driving season ramps up,” Harry Tchilinguirian, oil strategist for French bank BNP Paribas, told Reuters Global Oil Forum.
US crude inventories fell 3.2 million barrels in the week to July 20 to 407.6 million barrels, the API said, compared with expectations for a decrease of 2.3 million barrels.

Oil prices rise after US crude inventories fall

Brent crude was up 40 cents, or 0.55 percent, at $73.84 a barrel after gaining 0.5 percent on Tuesday. (File photo: Reuters)
Reuters, London
Wednesday 25 July 2018
Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53
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