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Oil prices are marching higher after an industry report identified a decline in U.S. fuel and crude stockpiles.
West Texas Intermediate futures rose1.2% to trade above $72 U.S. a barrel after slipping for a second consecutive session on Tuesday (July 27). The increase comes after the American Petroleum Institute reported a 6.23-million-barrel weekly drop in gasoline inventories.
Global inventories are expected to tighten through the rest of this year as key energy consumers continue to rebound from the pandemic, although the latest COVID-19 resurgence is raising concerns about the short-term demand outlook.
West Texas Intermediate crude oil for September delivery rose 1.2% to $72.48 U.S. a barrel after losing 0.6% over the previous two trading sessions.
Brent crude oil for September settlement gained 1% to $75.22 U.S. on the ICE Futures Europe exchange, after closing little changed on July 27. U.S. crude inventories fell by 4.73 million barrels last week, the American Petroleum Institute said.