Oil prices rise about 1% as US inventories fall

Oil prices rose about 1% during trading on Wednesday, March 26, at the settlement, supported by government data showing a decline in US crude and fuel inventories last week, and by escalating concerns about a global supply shortage following the US threat to impose tariffs on countries that buy oil from Venezuela.

Brent crude futures rose 77 cents, or 1.05%, to settle at $73.79 a barrel.

WTI crude futures rose 65 cents, or 0.94%, to settle at $69.65 a barrel, according to Reuters.

Earlier in trading, both benchmarks rose by more than $1 a barrel.