Oil prices rose over $2 a barrel on Wednesday after government data showed a larger-than-expected drawdown in U.S. crude inventories, and on expectations demand will rise as vaccination roll-outs widen.
Brent oil rose $2.14, or 3%, to $75.75 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed $2.28, or 3.2%, to $72.74 a barrel.
Brent hit its highest levels since late July and WTI since early August.
U.S. crude oil, gasoline and distillate stocks fell last week, two market sources said, citing American Petroleum Institute figures, after Hurricane Ida shut numerous refineries and offshore drilling production.
Source: Reuters