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.