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Singapore, June 03 (QNA) – Oil prices rose more than 1% in early trade on Wednesday as diplomatic efforts between Iran and the United States faltered and markets closely monitor developments related to the conflict in the Middle East and their potential impact on global energy supplies.
Brent crude futures gained $1.05, or 1.09%, to $97.05 a barrel, while US West Texas Intermediate (WTI) crude advanced $1.01, or 1.08%, to $94.77.
Both benchmarks had settled at their highest levels in a week in the previous session.
On the supply front, US crude oil inventories fell by 6.8 million barrels last week, marking the seventh consecutive weekly decline, the American Petroleum Institute (API) data revealed yesterday.
Distillate inventories also decreased by 214,000 barrels, while gasoline inventories rose by 3.5 million barrels during the same week. (QNA)
