Oil prices moved higher on Wednesday after data showed a decline in U.S. crude stockpiles, APA reports citing Xinhua.
The West Texas Intermediate for July delivery added 14 cents to settle at 66.21 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 22 cents to close at 68.87 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased by 1.7 million barrels during the week ending May 21, the U.S. Energy Information Administration said in a report on Wednesday.
At 484.3 million barrels, U.S. crude oil inventories were about 2 percent below the five-year average for this time of year.