MELBOURNE: Oil NSE -0.65 % prices climbed on Wednesday after industry data showed U.S. crude and product inventories fell more sharply than expected last week, reinforcing expectations that demand will outstrip supply growth even amid a surge in COVID-19 cases.
U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.6%, to $72.08 a barrel at 0119 GMT, reversing Tuesday’s 0.4% decline.
Brent crude futures rose 38 cents, or 0.5%, to $74.86 a barrel, after shedding 2 cents on Tuesday in the first decline in six days.
