New York — US crude rose on Wednesday, shrugging off data showing rising domestic fuel inventories and production, and both US crude and Brent held within sight of three-year highs reached the previous day. Supplier cutbacks, steady demand growth, geopolitical tensions and a favourable structure in the futures market have attracted record investment in oil this year. A rise in US government borrowing costs to their highest since 2013 this week, has tempered some investor appetite for risk, but analysts said Brent crude futures, the global benchmark, may yet rise toward new 2018 peaks above $75 a barrel. Brent was down 26c at $73.60 by 3.55pm GMT, just 2% below the November 2014 high of $75.47 reached on Tuesday. US crude futures were up 1c at $67.71 a barrel. Prices briefly tested session lows after US government data showed US crude and petrol stockpiles rose unexpectedly last week. Crude inventories rose 2.2-million barrels in the week to April 20, compared with expectations for a...
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