Singapore, June 10 (QNA) – Oil prices went up by 1% on Wednesday, moving away from the seven-week lows recorded in the previous session. The gains were supported by escalating geopolitical tensions in the Middle East, as well as signs of tightening supply following a decline in US crude inventories.
Brent crude futures increased by 83 cents, or 0.9%, to reach $92.29 per barrel.
US West Texas Intermediate (WTI) crude rose by 68 cents, or 0.8%, to $88.97 per barrel.
Brent crude had closed Tuesday’s trading at its lowest level since April 17, while WTI settled at its lowest level since May 29.
The United States launched new strikes against Iranian targets overnight after US President Donald Trump vowed to respond to the downing of an American Apache helicopter, marking a new escalation that threatens the collapse of the fragile ceasefire between Washington and Tehran.
On the supply side, data from the American Petroleum Institute (API) showed that US crude oil inventories fell by 9.12 million barrels last week, marking the eighth consecutive weekly decline.
Gasoline inventories also decreased by approximately 1.19 million barrels. (QNA)