OIL RISES – They were up nearly $3 a barrel after joint strikes in Iraq by the United States and Saudi Arabia
Oil prices were up nearly $3 a barrel after joint strikes in Iraq by the United States and Saudi Arabia, and the interception of Iran’s ballistic missiles aimed at U.S. forces in the Middle East, while U.S. crude inventories shrank.
Brent futures increased by 3.2%, to $86.79 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 3.3%, to $81.91 a barrel.
U.S. crude inventories fell by about 3.3 million barrels in the week ended July 24, market sources said on Tuesday, citing data from the American Petroleum Institute.
Official inventory data from the Energy Information Administration is due later on Wednesday.
Further supporting prices, OPEC+ is likely to halt oil output increases for three months starting in October, sources told Reuters, after the producer group completes the scheduled return of barrels following voluntary cuts.
