Oil prices rise over two dollars on U.S. inventory decline
Oil prices rose by more than two dollars at the start of trading today, supported by a decline in U.S. crude oil inventories, which fell by approximately 3.3 million barrels for the week ending July 24. This boosted expectations of rising demand or decreasing supplies. Brent crude increased by $2.71 to reach $86.80 per barrel, while U.S. West Texas Intermediate (WTI) gained $2.26 to hit $81.95. This rise came after earlier losses and amid expectations of continued volatility in the oil market.
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