Global oil prices raise as demand optimization offsets fears of supply


Oil price rose on Wednesday as worries about an increase in supplies from Iranwere offset by optimism about improving U.S. fuel demand that was reinforced by a drop in weekly inventory estimates.

Brent crude oil futures for July rose 44 cents to $69.09 a barrel while U.S. West Texas Intermediate (WTI) crude for July was at $66.35 a barrel, up 28 cents

Both benchmarks had edged higher on Tuesday, ending at their highest levels in a week, amid hopes for higher demand during the northern hemisphere’s summer driving season and lifting of coronavirus curbs.

According to American Petroleum Institute figures, U.S. crude oil and fuel inventories fell last week as crude stocks fell by 439,000 barrels in the week ended May 21. Gasoline inventories fell by 2 million barrels and distillate stocks fell by 5.1 million barrels.

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