Oil Settle Higher on Large US Inventories Draw

Oil prices rose on Wednesday, after data showed a huge decline in US crude inventories last week.

The weekly report by the US Energy Information Administration (EIA) showed earlier that crude oil inventories in the US fell by 10.6 million barrels during the week ended July 24.

This marked the largest weekly decline in American oil stocks since late December 2019.

Brent crude futures for September delivery increased by climbed 52 cents or 1.2% and closed at $43.75 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for September delivery increased by 23 cents or 0.6% and settled at $41.27 per barrel.