Oil rises in US as crude stock falls unexpectedly after travel ban lift

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%, to $85.10 a barrel by 0416 GMT, after rising 1.6% on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures rose 9 cents, or 0.1%, to $84.24 a barrel, adding to Tuesday’s 2.7% 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.