Oil Scores Third Consecutive Rise for First Time in August After U.S. Inventory Draw

Oil prices closed higher on Wednesday, maintaining a rising trend for the third consecutive session, supported by the drop in American crude inventories last week, despite it being below market expectations.

The United States Energy Information Administration (EIA) reported that crude inventories decreased by three million barrels in the week ending August 20.

Crude futures have kept a perfect score this week with the best rally in months but remain on track for large monthly losses unless they make a strong comeback over the coming four sessions.

This is the first time that oil prices rose for three days in a row this month.

Brent crude futures for October delivery gained $1.20, or 1.7%, to close at $72.25 per barrel, logging its best closing level since August 3.

Similarly, the West Texas Intermediate crude futures added 82 cents, or 1.2%, to finish at $68.36 per barrel.