Crude Prices Rebound on Shrinking US Inventories
Oil prices rebounded by more than $2 a barrel in early trade on Wednesday as US crude inventories shrank, partly offsetting losses from the previous day's dip caused by a pause in fighting between Washington and Tehran.
Brent futures increased by $2.71, or 3.2%, to $86.80 a barrel at 0002 GMT, while U.S. West Texas Intermediate (WTI) crude rose $2.26, or 3.4%, to $81.95.
US crude inventories fell by about 3.3 million barrels in the week ended July 24, market sources said on Tuesday, citing data from the American Petroleum Institute. Official inventory data from the Energy Information Administration is due later on Wednesday.
OPEC+ will likely halt oil output increases for three months starting in October, sources told Reuters, after the producer group completes the scheduled return of barrels following voluntary cuts.