by David Gaffen
NEW YORK (Reuters) – Oil prices rose on Wednesday after US oil stockpiles at the nation’s largest storage site hit a three-year low and fuel stocks fell sharply, a sign of increased demand.
Brent crude futures closed at $85.82 a barrel, a gain of 0.9% or $0.74, and the highest since October 2018.
US crude oil (WTI) for November, which expires on Wednesday, closed at $83.87, up $0.91 or 1.1%. WTI’s most active December contract closed up $0.98 to $83.42 a barrel.
Oil prices rose as supply tightened, with the Organization of Petroleum Exporting Countries maintaining a slow increase in supply rather than intervening to add more barrels to the market, and as US demand increased.
“Strong demand and concerns about a drop in inventories when refineries were already operating at low rates during the maintenance season is making people worried about what will happen when refineries have to increase production to meet very high demand. strong for gasoline and oil products,” said Phil Flynn, senior energy analyst at Price Futures Group in Chicago.
US oil inventories fell 431,000 barrels in the most recent week, the US Energy Information Administration said, against expectations of an increase. Gasoline inventories have plummeted by more than 5 million barrels as refineries cut processing due to maintenance. [EIA/S]
(Additional reporting by Sonali Paul in Melbourne and Koustav Samanta in Singapore)
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