Oil Prices Rise as US Stockpiles Dip
Oil Prices Rise as US Stockpiles Dip

Oil Prices Rise as US Stockpiles Dip

Oil Prices Rise as US Stockpiles Dip

Oil prices rose on Wednesday after a report of a decline in US crude inventories and looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global market. US West Texas Intermediate crude futures CLc1 were at $69.93 per barrel, up 68 cents, or 1%, from their last settlement. WTI futures gained 2.5% in the previous session, CNBC reported. Brent crude futures LCOc1 climbed 30 cents, or 0.4%, to $79.36 a barrel. Brent has climbed for four straight sessions, gaining 2.2% the previous day. “Oil prices jumped overnight as American Petroleum Institute inventory data showed a large drawdown in inventories,” said William O’Loughlin of Australia’s Rivkin Securities. US crude stocks fell by 8.6 million barrels in the week to Sept. 7 to 395.9 million, the American Petroleum Institute said on Tuesday.

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