Oil prices jump to more than two-year high as US supplies tighten

Oil prices rose on Wednesday, with Brent climbing above $76 a barrel to its highest since late 2018, after data showed US crude inventories declined reinforced views of a tightening market as travel picks up in Europe North America.

US crude inventories fell by 7.6 million barrels last week to June 18 to 459.1 million barrels, the US Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 3.9 million-barrel drop.

Brent crude rose $1.02, or 1.4 per cent, to $75.83 by 8:19 pm IST, having touched its highest since October 2018 at $76.02 after the EIA data. US West Texas Intermediate added $1, or 1.4 per cent, to $73.85 hit $74.25, also the highest since October 2018.

(This story has not been edited by Business Standard staff is auto-generated from a syndicated feed.)

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