Oil prices rose during early trading on Wednesday, continuing their rise the previous day after data showed that US crude inventories fell more than expected last week, but a larger-than-expected increase in gasoline and distillate inventories limited the gains.
Brent crude futures rose 0.4% to $77.88 per barrel, the West Texas Intermediate (WTI) futures rose 0.4% to $72.53 per barrel.
The two benchmarks rose about 2% on Tuesday amid the Middle East crisis and the interruption of Libyan supplies.
American Petroleum Institute data showed a decline in US crude oil inventories by 5.2 million barrels in the week ending January 5, compared to analysts’ estimates of an increase of 700,000 barrels, according to Reuters.
Regarding supply, the Energy Information Administration said Tuesday that US crude oil production will reach record levels over the next two years but will grow at a slower rate.
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