Oil prices rose on Wednesday amidst market concerns over a supply shortage in the United States, following data showing a larger-than-expected decline in crude oil and gasoline inventories. Brent crude futures increased by 0.4%, while West Texas Intermediate (WTI) futures rose by 0.3% per barrel.
Both contracts had declined by approximately 2.5% in the previous session amid signs that central banks may not have completed their interest rate hike cycle.
Market sources, citing data from the American Petroleum Institute, reported a decrease in crude inventories by about 2.4 million barrels for the week ending June 23. Analysts had expected a decline of 1.76 million barrels.
Gasoline inventories fell by about 2.9 million barrels, compared to estimates of a decrease of 126,000 barrels.
