Oil Closes Higher Ahead of Demand Indicators

U.S. crude oil prices rose by nearly three percent on Wednesday, narrowing the price gap with Brent crude in response to the production cuts announced by Saudi Arabia and Russia on Monday. Market participants are awaiting U.S. demand data for the week that included Independence Day. West Texas Intermediate rose two dollars from Monday's closing level, a gain of 2.9 percent, closing at $71.79 per barrel. Brent crude futures increased by 40 cents or 0.5 percent, closing at $76.65 per barrel after rising by $1.60 per barrel on Tuesday.