Oil Futures Rebound as U.S. Inventories Fall

Oil prices rose on Wednesday after data showed the fifth consecutive weekly decline in U.S. crude inventories.

The prospects of economic recovery and expectations for demand recovery are providing support for crude futures, with the global benchmark Brent restoring the $75 key level.

The front month Brent crude futures for August delivery increased by $0.38, or 0.51%, to close at $75.19 a barrel or its highest level since October 21, 2018.

Meanwhile, the West Texas (WTI) futures for August delivery rose by 23 cents, or 0.32%, to finish at $73.08 per barrel, which its second-highest level this year.

Earlier today, data by the Energy Information Administration (EIA) showed U.S. crude oil inventories declined by 7.6 million barrels for the week ended June 18. Gasoline stockpiles dropped by 2.9 million barrels, while distillate inventories increased by 1.8 million.