Seoul — Oil prices rose on Wednesday, supported by a drop in US crude inventories and a weaker dollar, along with concern about a potential shortfall of Iranian oil from November due to US sanctions.Brent crude oil futures were at $72.83 a barrel at 2.34am GMT, up 20c, or 0.3%, from their last close.US West Texas Intermediate (WTI) crude futures were up 28c, or 0.4%, at $66.12 a barrel.US crude inventories fell by 5.2-million barrels in the week to August 17, to 405.6-million barrels, ahead of analysts’ forecasts for a fall of 1.5-million barrels, according to data from industry group the American Petroleum Institute.Official data from the US Energy Information Administration (EIA) is due at 2.30pm GMT on Wednesday."Investors are also confident that [official] inventories in the US will decrease this week," ANZ Bank said in a note.Signs of slowing US crude output growth and a weaker US dollar also provided some support to oil prices, said Kim Kwang-rae, commodity analyst at Samsung ...
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