Oil Prices Settle Higher on Decline in US Inventories

Oil prices closed higher on Wednesday, after data showed a decline in the United States crude inventories last week.

Brent Crude increased by $0.76 or 1.84% to close at $42.03 per barrel, while the WTI crude futures settled higher by $0.55 or 1.4% at $39.82 a barrel.

The US crude oil inventories decreased by about 7.2 million barrels during the week ended June 26, according to data by the US Energy Information Administration (EIA) released on Wednesday.

This marked the first decline in US oil inventories after three consecutive weekly increases.