Baghdad Oil prices rose, today, Wednesday, after industrial data showed that US crude stocks fell more than expected, which reinforced views on tightening the balance between supply and demand with the recovery of land and air travel in Europe and North America.
US West Texas Intermediate crude futures jumped 33 cents, or 0.5 percent, to $73.18 a barrel, after falling 60 cents on Tuesday.
Brent crude futures jumped 42 cents, or 0.6 percent, to $75.23 a barrel, after losing 9 cents on Tuesday.
The American Petroleum Institute industry group reported that crude oil inventories fell by 7.2 million barrels for the week ending June 18, according to two market sources.
All eyes are on what the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, plan to do when they meet on July 1 as they gauge the recovery in demand.
The US dollar’s decline from a two-month high recorded late last week also helped support oil prices, as the dollar’s weakness made oil less expensive in relation to other currencies.
Source: National Iraqi News Agency