New York: Oil prices rose 2 percent in yesterday's trading, affected by US government data revealing a larger-than-expected decline in crude oil and fuel inventories.
Brent crude futures rose $1.33, or 1.9 percent, to $70.89 a barrel, while US West Texas Intermediate (WTI) crude futures rose $1.45, or 2.2 percent, to $67.70 a barrel.
US government data showed Wednesday that US crude inventories rose by 1.4 million barrels last week, less than the expected increase of 2 million barrels.
US gasoline inventories fell by 5.7 million barrels, compared to expectations for a decrease of 1.9 million barrels, while distillate inventories also fell more than expected.
The dollar index’s 0.5 percent decline to its lowest level in 2025 on Tuesday also contributed to a boost in oil prices by reducing the cost of crude for buyers holding other currencies.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for relatively strong growth in global oil demand in 2025, noting that air and road travel would support consumption.
It revealed a 363,000 barrel per day increase in production from the broader OPEC+ alliance in February, driven by a jump in production from Kazakhstan, which remains behind in its compliance with OPEC+ production quotas.
