Investing.com — Oil prices rose Wednesday after industry data showed a larger-than-expected fall in U.S. crude inventories.
At 08:45 ET (12:45 GMT), Brent Oil Futures expiring in October rose 1% to $66.45 per barrel, while West Texas Intermediate (WTI) crude futures gained 1.1% to $62.46 per barrel.
Both contracts fell on Tuesday as the possibility of a Russia-Ukraine peace deal sparked supply surplus worries, at a time markets are already grappling with OPEC+ supply hikes.
U.S. crude stockpiles fall more than expected
In an industry update, the American Petroleum Institute reported that U.S. crude oil stocks fell by 2.4 million barrels in the week ending August 15.
This decline was stronger than the 1.2 million-barrel fall analysts had forecast, following a 1.5 million-barrel build the prior week.
The deeper-than-expected draw lent support to oil prices.
The official data, from the Energy Information Administration, are due later in the session.