Oil Prices Jump on US Inventory Decline and Pipeline Resumption

Oil prices surged nearly 4% on Wednesday, driven by a sharp increase in US crude inventories and a resumption of oil intake from shippers at the Caspian Pipeline Consortium's Black Sea terminal.

Brent futures rose $3.30, or 3.9%, to $87.39 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude increased $3.05, or 3.8%, to $82.31 a barrel.

US crude inventories fell by approximately 3.3 million barrels in the week ended July 24, according to data from the American Petroleum Institute.