SULAIMANI (ESTA) — Oil prices rose on Wednesday as industry data showed an unexpected drop in U.S. crude and fuel stocks.
Brent crude futures rose 15 cents to $90.93 a barrel by 0422 GMT, while U.S. West Texas Intermediate (WTI) crude was up 13 cents at $89.49 per barrel.
“Undersupply is the key factor that has pumped up the oil price,” Reuters quoted Tina Teng, an analyst at CMC Markets, as saying.
U.S. crude, gasoline and distillate stocks fell last week, market sources citing American Petroleum Institute figures told Reuters.
More data from the U.S. EIA will be available at 10:30 a.m. EST, Reuters said.
