Oil Prices Finish Higher Following Inventory Draw

Oil prices rose on Wednesday, after data showed a decline in US crude inventories.

Brent crude futures for November delivery increased by 5 cents, or 0.1%, and settled at $41.77 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude for November delivery levelled up by 13 cents, or 0.3%, and finished at $39.93 per barrel.

Earlier, data by the US Energy Information Administration’s (EIA) weekly report showed that crude oil inventories in the United States declined by 1.6 million barrels last week.

The decline came below experts’ expectations of a 2.3 million barrel decrease in crude stockpiles.