Oil rises after report shows a decline in US stocks
Brent climbs as looming sanctions against Iran raise the expectation of tightening supply, while Russia warns of a fragile global crude market
Singapore — Oil prices rose on Wednesday following a report of declines in US crude inventories and as looming sanctions against Iran raised the expectation of tightening supply, while top producer Russia warned of a fragile global crude market. US West Texas Intermediate (WTI) crude futures were at $69.84 a barrel at 4.28am GMT, up 59c, or 0.9%, from their last settlement. WTI futures gained 2.5% in the previous session. Brent crude futures climbed 28c, or 0.4%, to $79.34 a barrel. Brent has climbed for four consecutive sessions, gaining 2.2% the previous day. "Oil prices jumped overnight as American Petroleum Institute inventory data showed a large drawdown in inventories," said William O’Loughlin, investment analyst at Australia’s Rivkin Securities. US crude stocks fell by 8.6-million barrels in the week to September 7 to 395.9-million barrels, the American Petroleum Institute, a private industry group, said on Tuesday. Official weekly government data will be published by the US ...
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