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Oil prices rose on Wednesday, July 28, after industry data showed inventories of US crude and products fell more than expected last week, fueling speculation that demand will outpace supply growth even as COVID-19 cases grow.
Brent crude futures were up 38 cents, or 0.5%, at $ 74.86 a barrel, after losing two years on Tuesday, their first decline in six days.
US West Texas Intermediate crude contracts rose 42 cents, or 0.6%, to $72.07 a barrel, after falling 0.4% on Tuesday.
Data from the American Petroleum Institute showed a decline in US crude stocks by 4.7 million barrels for the week ending on July 23, according to two market sources who requested anonymity.
On the other hand, analysts expected a decline in crude stocks by 2.9 million barrels, following a sudden increase last week, which was the first since May.
