WASHINGTON (dpa-AFX) - Oil prices rose on Wednesday, snapping three straight sessions of declines after industry data showed a draw in U.S. inventories for a fourth consecutive week.
Growing supply risks from wildfires in Canada also offered some support while the upside was capped by a firmer dollar, lingering concerns over top importer China and chatter over an Israel-Hamas ceasefire.
Benchmark Brent crude futures jumped 0.7 percent to $81.61 a barrel, while WTI crude futures were up 0.9 percent at $77.62.
Data from the American Petroleum Institute (API) showed U.S. crude oil inventories shrank by 3.9 million barrels (mb) in the week to July 19, as oil demand likely picked up with the travel-heavy summer season.
Analysts had predicted a 700,000-barrel build for the week. The API report also showed draws in gasoline and distillate inventories, indicating strong demand in the world's largest fuel consumer.
Official oil inventory data from the Energy Information Administration is due later in the session.
Elsewhere, wildfires in Canada have forced some producers to curtail production and were threatening a large amount of supply, analysts said.
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