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 (WTI) crude futures were at $69.93 per barrel at 0646 GMT, up 68 cents, or 1 per cent, from their last settlement. WTI futures gained 2.5 per cent in the previous session.
Brent crude futures climbed 30 cents, or 0.4 per cent, to $79.36 a barrel. Brent has climbed for four straight sessions, gaining 2.2 per cent 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. Read More