Oil rose toward a four-month high after a report pointed to a drop in U.S. crude stockpiles and on signs that additional supply from OPEC+ next month won™t be as much as previously anticipated.
Futures in New York climbed toward $41 a barrel after closing up 0.5% on Tuesday. The American Petroleum Institute reported that U.S. inventories fell by 8.32 million barrels last week, according to people familiar with the data. That would be the largest drawdown since December if confirmed by official figures due Wednesday, suggesting a supply glut is easing.
West Texas Intermediate for August delivery rose 0.6% to $40.52 a barrel on the New York Mercantile Exchange as of 8:17 a.m in Singapore. The contract finished at $40.90 on July 8, the highest close since March 6. Brent for September settlement climbed 0.4% to $43.09 after advancing 0.4% on Tuesday.
Source: Bloomberg
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