Oil up on larger-than-expected decline in US crude ‎inventories

Oil prices rose today, Wednesday, amid concerns in the markets about the scarcity of supply in the United States, the largest oil consumer in the world, after data showed a larger-than-expected decline in its stocks of crude oil and gasoline.

According to “Reuters”, Brent crude futures rose 32 cents, or 0.4 percent, to $ 72.58 a barrel by 0022 GMT, and West Texas Intermediate crude futures rose 23 cents, or 0.3 percent, to $ 67.94 a barrel.

Both contracts fell about 2.5 percent in the previous session amid indications that central banks may not have finished the cycle of raising interest rates.

Market sources reported, quoting data from the American Petroleum Institute, that crude stocks declined by about 2.4 million barrels in the week ending June 23. Analysts had expected a decline of 1.76 million barrels

Gasoline stocks declined by about 2.9 million barrels, compared to estimates for a decline of 126,000 barrels.

This comes after a confrontation between Moscow and the private Russian military group, Wagner, led to fears of a possible disruption to oil supplies, and with markets anticipating the Saudi pledge to cut oil production, starting in July.