SULAIMANI (ESTA) — Oil prices edged higher on Wednesday after industry data showed U.S. crude inventories fell more than expected.
Brent crude futures jumped 62 cents to $75.43 a barrel at 0648 GMT, after giving up 9 cents on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures rose 48 cents to $73.33 per barrel, after falling 60 cents yesterday.
Reuters cited two market sources as saying the American Petroleum Institute industry group reported crude stocks fell by 7.2 million barrels for the week ended June 18.
ING Economics told Reuters that if official figures from the U.S. Energy Information Administration due later on Wednesday confirm the drawdown, it would the fifth straight week of declines, showing the U.S. market tightening.
A retreat in the U.S. dollar from a two-month high hit late last week has also helped prop up oil prices, as a weaker greenback makes oil less expensive in other currencies.
