Oil climbs on drop in U.S. oil stockpiles, solid demand outlook

Oil climbs on drop in U.S. oil stockpiles, solid demand outlook
# 12 May 2021 08:24 (UTC +04:00)

Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC's robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures rose 21 cents, or 0.3%, to $65.49 a barrel at 0013 GMT, adding to a 36 cent rise on Tuesday.

Brent crude futures climbed 15 cents, or 0.2%, to $68.70 a barrel, adding to a 23 cent gain on Tuesday.

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