MoneyNewsTop NewsWorld

Oil rises as US stocks fall and global supply risks fall

UNITED STATES (OBSERVATORY) –¬†Oil prices rose on Wednesday, supported by a drop in US crude stocks and continued risk of supply disruption.

Brent crude was $ 72.17 a barrel at 0539 GMT, up 59 cents, or 0.8 percent, from the previous close.

West Texas Intermediate crude futures rose 59 cents, or 0.9 percent, to $ 67.11 a barrel.

US crude inventories fell 1 million barrels last week to 428 million barrels, according to a weekly report released by the US Petroleum Institute on Tuesday.

The US Energy Information Administration is due to issue its weekly weekly inventory data on Wednesday.

Outside the United States, oil markets have received overall support amid a sense of high risk of disruption of supplies, including the possibility of a prolonged Middle East conflict, renewed US sanctions on Iran and reduced production due to the political and economic crisis in Venezuela.