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Oil rises on lower-than-expected rise in US crude stockpiles

World News

07-02-2024 | 05:08

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Oil rises on lower-than-expected rise in US crude stockpiles

Oil prices rose for a third day on Wednesday after industry data showing US crude inventories grew less than expected and a cut in the forecast for output growth in the US, the world's biggest producer, eased concerns about potential oversupply.

Brent crude futures were up 10 cents to $78.69 a barrel as of 0728 GMT, while US West Texas Intermediate crude climbed 13 cents to $73.44.

American Petroleum Institute figures showed US crude stocks rose 670,000 barrels in the week to Feb. 2, well below forecasts for a 1.9 million barrel build from analysts polled by Reuters.

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