· Oil climbs on surprise U.S. crude stocks decline
Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S. crude stocks unexpectedly fell last week just as near term travel demand picked up with pandemic curbs easing.
U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.3%, to $84.38 a barrel at 0132 GMT, adding to a 2.7% gain on Tuesday.
Brent crude futures jumped 36 cents, or 0.4%, to $85.14 a barrel, after rising 1.6% on Tuesday.
Tightening global oil inventories have supported strong crude prices during the past several months, and the latest data from the American Petroleum Institute reinforced the view that supply remains constrained.
According to market sources, API data showed U.S. crude stocks declined by 2.5 million barrels for the week to Nov. 5, defying analysts’ estimates for a 2.1 million build in crude stocks in a Reuters poll.
The market will be awaiting weekly inventory data from the U.S. Energy Information Administration (EIA) on Wednesday to see whether it confirms the drawdown in crude stocks.
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