U.S. Crude Inventories Fall, Oil Prices Rebound on OPEC+ Halt

Oil prices rebounded significantly on Wednesday, rising by more than $2 per barrel, as U.S. crude inventories fell by about 3.3 million barrels in the week ended July 24.

The price increase comes after a pause in fighting between Washington and Tehran, which had caused oil prices to drop earlier in the day.

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

The decline in U.S. crude inventories and the potential halt in oil output increases by OPEC+ for three months starting in October have contributed to the price rise.