Oil rose above $75 a barrel on Wednesday, reaching its highest since late 2018, after an business report on US crude inventories strengthened views of a tightening market as journey picks up in Europe and North America.
The American Petroleum Institute reported that crude shares fell by a bigger-than-expected 7.2 million barrels, two market sources mentioned. Official stock figures from the Vitality Info Administration are due at 1430 GMT.
Brent crude rose $0.63, or 0.8%, to $75.44 by 1200 GMT, having touched its highest since October 2018 at $75.66. US West Texas Intermediate added $0.51, or 0.7%, to $73.36 and is near its highest since October 2018.
“The uptrend is regaining momentum,” mentioned Stephen Brennock at oil dealer PVM. “In a single day, the API set a bullish backd...