Oil Prices Rise as Demand Outlook Improves, US Inventories Fall

Oil prices rose on Wednesday, June 16, while the price of Brent crude rose for the fifth consecutive session, as sentiment improved on the back of falling inventories and a recovery in demand after the Coronavirus pandemic.

Brent crude rose 47 cents, or 0.6%, to $ 74.46 a barrel, the highest level since April 2019. US crude rose 42 cents, or 0.6%, to $ 72.54 a barrel, the highest level since November 2018.

Two sources told Reuters in the market, citing data from the American Petroleum Institute, on Tuesday, that US oil stocks fell by 8.5 million barrels in the week ending on June 11.

Analysts polled by Reuters had indicated that crude inventories are expected to decline for the fourth consecutive week by 3.3 million barrels last week. Official data is expected on later on Wednesday.