Brent crude futures rose 32 cents to $81.01 a barrel by 0820 GMT, while U.S. West Texas Intermediate crude gained 33 cents to $78.68
Oil prices rose slightly on Wednesday after an industry report showed U.S. crude and gasoline inventories fell and as the market watched for a possible widening of the Israel-Gaza war, which may impact global oil supplies.
“The American Petroleum Institute reported a significant drawdown in U.S. crude inventories of 5.2 million barrels, far more than a forecasted decline of 2 million. The data signalled that oil demand remains healthy,” said Danish Lim, investment analyst at Phillip Nova. “The extent of Iran’s reprisal, as well as Israel’s response, will likely determine whether the current conflict in the Middle East broadens into a regional conflict,” said Vivek Dhar, analyst at Commonwealth Bank of Australia.
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