LONDON (Reuters) -Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming U.S. interest rate hike.
Industry group the American Petroleum Institute said on Tuesday crude stocks fell by 4 million barrels, four times the forecast decline. [API/S] The Energy Information Administration’s official figures are out at 1430 GMT.
“Coupled with the Fed decision on interest rates, today is sure to be a heavy U.S.-centric session,” said Stephen Brennock of oil broker PVM.
