Oil Maintains Rising Trend Following U.S. Inventory Data

Oil prices maintained their upwards trend on Wednesday, following the release of the weekly inventory report in the United States.

Brent crude futures for August delivery increased by 40 cents, or 0.5%, to finish at $74.39 per barrel.

The West Texas Intermediate (WTI) crude futures for July delivery added 3 cents, or 0.04%, to close at $72.15 per barrel.

The global benchmark most active contract has registered a new level, which is its highest since April 2019, while the U.S. futures remain at their highest since October 2018.

Earlier today, data by the U.S. Energy Information Administration (EIA) showed a 7.4-million-barrel climb in crude inventories.