Oil Finishes Higher as U.S. Inventories Decline

Oil prices rose on Wednesday, as markets continue to expect demand recovery during the second half of the year.

In addition, a decline in crude oil inventories in the United States also provided support for oil futures.

Brent crude futures for July delivery gained 22 cents, or 0.3%, to settle at $68.87 per barrel.

The global benchmark’s August futures, the most active contracts, rose by 24 cents, or 0.4%, and ended the session at $68.73 per barrel.

Meanwhile, the West Texas Intermediate (WTI) closed higher by 14 cents, or 0.2%, at $66.21 per barrel.

Earlier today, the weekly report by the U.S. Energy Information Administration (EIA) decreased by 1.7 million barrels last week.

Furthermore, gasoline stockpiles fell by 1.7 million barrels, while distillate inventories were lower by 3 million barrels on a weekly basis.