Oil prices climb on drop in US oil stockpiles; solid demand outlook

MELBOURNE (Reuters) – Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC’s robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day.

U.S. West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.3%, to $65.49 a barrel at 0013 GMT, adding to a 36 cent rise on Tuesday.

Brent crude futures climbed 15 cents, or 0.2%, 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 U.S. dollar also lent support,” ANZ Research said in a note.