Oil prices rose about 3% Wednesday, boosted by a bigger-than-expected decline in crude inventories in the United States, which outweighed concerns about the impact of new interest rate hikes that would slow economic growth and reduce global demand for oil.
Brent crude futures rose $1.77 to $74.03 a barrel. US West Texas Intermediate crude rose $1.86 to $69.56 a barrel.
This is the highest close for US crude since June 21, and the highest close for Brent since June 26.
The US Energy Information Administration said on Wednesday that US crude oil inventories fell by 9.6 million barrels in the week ending June 23, marking the second consecutive week of decline.
Investors remain wary that higher interest rates could slow economic growth and reduce demand for oil.
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