· Brent gains a fifth day as demand outlook improves, stocks fall
Oil prices rose nearly 1% on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand kept the main benchmarks at multi-year highs.
Brent crude was up 66 cents, or 0.9%, at $74.65 a barrel by 0445 GMT, the highest since April 2019.
U.S. crude gained 58 cents, or 0.8%, to $72.70 a barrel, the highest since October 2018.
U.S. oil inventories dropped by 8.5 million barrels in the week ended June 11, according to two market sources, citing American Petroleum Institute figures on Tuesday. [API/S]
Crude stocks were expected to have fallen for a fourth week in a row, dropping by about 3.3 million barrels last week, according to analysts polled by Reuters. Official government data is due out Wednesday. [EIA/S]
Reference: CNBC, Reuters
Thai
Eng