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Oil rises on big decline in U.S. crude stocks

22 September 2021 08:01 (UTC +04:00)

Oil prices rose around 1% on Wednesday, extending overnight gains, after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures rose 75 cents, or 1.1%, to $71.24 a barrel at 0131 GMT, adding to a 35 cent gain from Tuesday.

Brent crude futures climbed 68 cents, or 0.9%, to $75.04 a barrel, after gaining 44 cents on Tuesday.

After coming under pressure on Monday on broader market jitters over the possible default of Chinese property developer China Evergrande Group (3333.HK), the oil market's focus turned to tight supply issues.