Oil Prices Rebound as US Crude Inventories Fall

Oil prices rebounded significantly on Wednesday, rising by more than $2 a barrel in early trade. The gains came as US crude inventories fell by about 3.3 million barrels in the week ended July 24, according to market sources citing data from the American Petroleum Institute.

Brent futures increased by $2.71, or 3.2%, to $86.80 a barrel at 0002 GMT, while US West Texas Intermediate (WTI) crude rose $2.26, or 3.4%, to $81.95.

The OPEC+ group is expected to halt oil output increases for three months starting in October, sources told Reuters, following the scheduled return of barrels after voluntary cuts.