Oil Finishes at Highest Level in Two Weeks After U.S. Inventories Draw

Oil prices rose on Wednesday to their highest level in about two weeks, on the back of positive expectations following the drop in crude inventories in the United States.

The inventories draw eased concerns over a slump in demand resulting from the spread of the coronavirus Delta variant.

Brent crude futures for September delivery added 26 cents, or 0.35%, to settle at $74.74 per barrel.

The global benchmark crude contracts remain on track to score limited monthly gains of about 0.52%, but up by about 44.3% since the beginning of the year.

The West Texas Intermediate (WTI) futures for September delivery increased by 74 cents, or 1.03%, to settle at $72.39 per barrel.

The Nymex futures received more support from the decline in crude inventories, registering its largest increase in a week, ending a two-session declining streak.

Both the Brent and WTI futures reached their highest closing level since July 14.

Earlier, the U.S. Energy Information Administration (EIA) reported a decline by 4.1 million barrels in crude stockpiles for the week ended July 23.

Gasoline stockpiles fell by 2.3 million barrels and distillate inventories drooped by 3.1 million barrels.