Oil prices rise more than 2%, supported by a significant decrease in US inventories

Oil prices rose more than 2% on Wednesday, supported by a significant drop in US fuel inventories and expectations that OPEC + producers may take a decision against increasing production when they meet this week.

US gasoline stocks fell last week by the most on record, and refining production fell to a record low in the wake of a deep freeze in Texas that halted production.

The US Energy Information Administration said gasoline stocks fell to 243.5 million barrels, while distillate stocks fell by the most since 2003, to 143 million barrels.

The Energy Information Administration said crude inventories rose by 21.6 million barrels, the largest number on record, to 484.6 million barrels.

Refining capacity use fell to only 56% of total capacity, the lowest level ever, as the US Gulf Coast’s refining capacity usage fell to 40.9%.

Brent crude rose $1.37, or 2.2%, to close at $64.07 a barrel. US West Texas Intermediate crude oil rose $ 1.53, or 2.6%, to settle at $61.28 a barrel.