Oil prices rose today, Wednesday, amid concern in the markets about the tight supply in the United States, the largest oil consumer in the world, after data showed a larger-than-expected decline in its stocks of crude oil and gasoline.
Brent crude futures increased 23 cents, or 0.32%, to $72.49 a barrel by 05:15 GMT.
West Texas Intermediate crude futures rose 16 cents, or 0.24%, to $67.86 a barrel, according to Reuters.
Both contracts fell about 2.5% in the previous session amid signs that central banks may not have finished the rate hike cycle.
And market sources reported, quoting data from the American Petroleum Institute, that crude stocks declined by about 2.4 million barrels in the week ending June 23. Analysts had expected a decline of 1.76 million barrels.
Gasoline stocks fell by about 2.9 million barrels, compared to an estimated decline of 126,000 barrels.
This comes after a confrontation between Moscow and the private Russian military group Wagner led to fears of a possible disruption to oil supplies, and with markets anticipating Saudi Arabia’s reduction in oil production, starting in July.
