Brent Futures Rise Nearly 4% as US Crude Inventories Decline

Oil prices rose sharply on Wednesday, with Brent futures increasing by $3.30 to $87.39 a barrel, and US West Texas Intermediate (WTI) crude rising $3.05 to $82.31 a barrel.

The price hike comes as US crude inventories fell by about 3.3 million barrels in the week ended July 24th, according to data from the American Petroleum Institute.

The Caspian Pipeline Consortium's resumption of oil intake and loading operations at its Black Sea terminal in Novorossiysk, Russia, is seen as a contributing factor to the price increase.