Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S. crude stocks unexpectedly fell last week just as near-term travel demand picked up with Covid-19 pandemic curbs easing.
Brent crude futures climbed 32 cents, or 0.4 per cent, to $85.10 a barrel by 0416 GMT, after rising 1.6 per cent on Tuesday.
US West Texas Intermediate (WTI) crude futures rose 9 cents, or 0.1%, to $84.24 a barrel, adding to Tuesday’s 2.7 per cent gain.
Both benchmarks closed at their highest since Oct. 26 on Tuesday, supported by tightening global oil inventories during the past several months, and the latest data from the American Petroleum Institute reinforcing the view that supply remains constrained.
