Oil Prices Rise After US Inventories Fall

Oil prices rose on Wednesday after data showed a larger-than-expected drop in crude stocks in the United States, the world’s largest fuel consumer, and amid expectations of a recovery in demand with the expansion of vaccinations.

Brent crude rose $1.08, or 1.5 percent, to $74.68 by 1226 GMT, while US West Texas Intermediate crude rose $1.12, or 1.6 percent, to $71.58 a barrel.

Two market sources, citing figures from the American Petroleum Institute released on Tuesday, said that stocks of crude oil, gasoline and distillates fell last week after Hurricane Ida caused the closure of several oil refineries and offshore production platforms.

Crude stocks fell 5.4 million barrels for the week ending September 10, compared to analyst expectations for a 3.5 million barrel drop.