Commodities
Oil Prices Rebound as US Crude Inventories Fall
Oil prices rebounded by more than $2 per barrel on Wednesday as the prospect of tightening US crude supplies boosted sentiment. The rally came after a pause in fighting between Washington and Tehran led to a brief decline in oil prices.
The Brent futures contract rose by $2.71, or 3.2%, to $86.80 a barrel at 0002 GMT, while the US West Texas Intermediate (WTI) crude contract increased by $2.26, or 3.4%, to $81.95.
The rebound was driven in part by shrinking US crude inventories, which fell by about 3.3 million barrels in the week ended July 24, according to market sources citing data from the American Petroleum Institute.