Oil Settles Higher Following Inventory Data

Oil prices finished higher on Wednesday, after data showed that U.S. crude inventories declined for the sixth consecutive week.

Markets are anticipating the decision by members of the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies on output curbs.

Brent crude futures for September delivery gained 34 cents, or 0.5%, to close at $74.62 per barrel, while the August futures rose by 18.2% during the second quarter of the year, extending its increase in the first half of the year to about 45%.

Meanwhile, the West Texas Intermediate (WTI) futures for August delivery added 49 cents, or 0.7%, to settle at $73.47 per barrel. The New York Mercantile Exchange (NYMEX) futures gained 24.2% in Q1 and 51% for H1.

Earlier, data by the U.S. Energy Information Administration (EIA) showed crude stockpiles declined by by 6.7 million barrels last week.

The OPEC+ alliance pushed its ministerial summit one day to Thursday, with expectations of further gradual easing of production cuts.