Oil Settles at Highest Level in Five Months

Oil prices increased on Wednesday, reaching their highest level in about five months, supported by the decrease in U.S. crude inventories.

Brent crude futures for October delivery settled higher by 93 cents, or 2.1%, at $45.43 per barrel, its highest closing level since March 5.

Meanwhile, the West Texas Intermediate (WTI) futures for September delivery increased by $1.06 or 2.5% to close at $42.67 per barrel.

Data by the U.S. Energy Information Administration (EIA) showed earlier that crude oil stockpiles in the United States declined for the third consecutive week by about 4.4 million barrels last week.