After a larger-than-expected drop in U.S. crude and gasoline stocks, oil prices rose on Wednesday.
Brent crude prices jumped 32 cents, or 0.4%, to $72.58 a barrel at 0002 GMT, while WTI futures rose 23 cents, or 0.3%, to $67.94.
Both contracts fell 2.5% in the previous session on signs that central banks may continue raising interest rates.
Market sources cited American Petroleum Institute statistics to report a 2.4 million-barrel drop in crude stockpiles in the week ended June 23. Analysts predicted a 1.76 million-barrel draw.
Gasoline inventories declined by 2.9 million barrels, compared to the 126,000 expected.
After a conflict between Moscow and the Russian mercenary organization, Wagner raised concerns about oil supply disruptions; markets await Saudi Arabia’s July oil output cut.
On-demand, European Central Bank President Christine Lagarde warned Tuesday that strong inflation would prevent the bank from ending rate hikes. Higher interest rates reduce economic activity and oil demand.
U.S. consumer confidence rose in June, worrying investors that the Fed will have to keep hiking rates.
To assess China’s second-largest economy, markets expected industrial profit data on Wednesday.
Comment Template