SULAIMANI (ESTA) — Oil prices climbed on Wednesday after industry data showed U.S. crude and product stockpiles dropped more than expected last week.
Brent crude futures rose 36 cents to $74.84 a barrel at 0818 GMT, after shedding 2 cents on Tuesday in the first decline in six days.
U.S. West Texas Intermediate (WTI) crude futures were up 42 cents at $72.07 per barrel, reversing Tuesday’s 0.4% decline.
“Oil prices are riding the tailwind of weakening U.S. dollar and falling API crude inventories today,” Reuters cited Margaret Yang, a strategist at Singapore-based DailyFX, as saying.
“But the upward momentum appears to be weak amid virus concerns and sporadic lockdowns around the world.” Yang added.
Data from the American Petroleum Institute industry group showed U.S. crude stocks fell by 4.7 million barrels for the week ended July 23, two market sources told Reuters.
Traders are awaiting data from the U.S. Energy Information Administration (EIA) on Wednesday to confirm the drop in stocks, Reuters reported.
