WASHINGTON (dpa-AFX) - Oil prices rose over 1 percent on Wednesday to extend gains for a third straight session on bullish inventory data and upbeat global demand views from the U.S. Energy Information Administration and OPEC.
Benchmark Brent crude futures jumped 1.2 percent to $82.86 a barrel, while WTI crude futures were up 1.3 percent at $78.91.
Crude oil inventories in the United States fell by 2.43 million barrels during the week ending June 7, according to The American Petroleum Institute (API). Analysts had forecast a 1.75-million-barrel draw.
Gasoline stocks fell by 2.55 million barrels this week while distillate inventories rose by 972,000 barrels, the report showed.
Meanwhile, there is optimism about the demand outlook following upbeat demand forecasts from the U.S. Energy Information Administration and OPEC.
The Organization of Petroleum Exporting Countries (OPEC) in its Monthly Oil Market Report maintained its demand forecast for the year at 2.2 million barrels per day over 2023 levels, and its 1.2 million bpd forecast for production gains from non-OPEC nations.
The Energy Information Administration (EIA) said in its report that it expects demand to average 1.1 million barrels per day in 2024.
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