Oil prices rose for a third day on Wednesday after U.S. crude inventories grew less than expected and a cut in the forecast for output growth in the U.S., the world’s biggest producer, eased concerns about potential oversupply.
Brent crude futures rose 56 cents to $79.15 a barrel as of 1159 GMT, while U.S. West Texas Intermediate crude climbed 59 cents to $73.90.
U.S. crude stocks fell well short of analysts’ forecasts, American Petroleum Institute figures showed. U.S. government weekly data on inventories will be released later on Wednesday. [EIA/S]
