Doha: Oil Prices Rebound More Than $2: Oil prices rose by more than $2 a barrel in early trading on Wednesday, supported by a decline in US crude inventories, recouping some of the previous session's losses.
According to Qatar News Agency, Brent crude futures increased by $2.71, or 3.2%, to $86.80 a barrel, while US West Texas Intermediate (WTI) crude rose $2.26, or 3.4%, to $81.95 a barrel. The rise in prices comes as US crude inventories fell by approximately 3.3 million barrels in the week ended July 24.
Simultaneously, gasoline inventories saw an increase of 918,000 barrels, and distillate inventories climbed by 355,000 barrels from the previous week, contributing to the market dynamics. The fluctuation in inventory levels has played a significant role in influencing global oil prices, highlighting the sensitivity of the market to changes in supply data.