Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in US crude inventories, which reinforced OPEC’s robust demand outlook, and as the shutdown of the biggest US fuel pipeline headed into a sixth day.
US West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.3 per cent, to $65.49 a barrel at 5:43 am, adding to a 36 cent rise on Tuesday.
Brent crude futures climbed 15 cents, or 0.2 per cent, to $68.70 a barrel, adding to a 23 cent gain on Tuesday.
“Crude oil gained as investors continue to bet on a bright outlook for demand. A weak US dollar also lent support,” ANZ Research said in a note.
