Oil extends gains, Brent rises above $75 after US inventories data
Oil prices rose on Wednesday, thanks to positive global demand outlook, and after a drop in the US crude inventories.
The Energy Information Administration reported today that the US crude inventories fell 6.4 million barrels to 417.4 million barrels during the past week, while analysts forecast a drop by 3.5 million barrels.
While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 5.4 million barrels during the same period.
The International Energy Agency reported yesterday that it expects a strong recovery in global demand for oil during the fourth quarter of 2021.
As of 17:36 GMT, WTI crude October futures rose 2.9% to $ 72.5 a barrel.
Brent November futures rose 2.5% to $75.4 a barrel.
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