Oil prices rose for a third day on Wednesday as US crude inventories fell more sharply than expected, while pandemic-related restrictions in the United States and parts of Europe eased, heralding an increase in fuel demand for the summer months.
Brent crude was up $0.8, or 1.2%, at $69.68 a barrel at 1630 GMT. US West Texas Intermediate (WTI) crude rose $0.69, or 1%, to $66.38 a barrel. Both contracts hit their highest levels since mid-March in intra-day trade on Wednesday.
US crude inventories fell by 8 million barrels in the week to April 30 to 485.1 million barrels, exceeding expectations for a 2.3-million-barrel drop, the Energy Information Administration said. Exports rose to 4.1 million barrels per day (bpd), the most since March of last year, and refining output was at its highest since that month as well.
Published in The Express Tribune, May 6th, 2021.
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