WASHINGTON (dpa-AFX) - Oil prices jumper over 2 percent on Wednesday, after having dropped to near three years lows in the New York session on concerns over a weak demand outlook.
The upside was supported by a weaker dollar and industry data showing a drop in U.S. crude inventories.
Benchmark Brent crude futures climbed 2.2 percent to $70.70 a barrel after falling below $70 to the lowest since December 2021 on Tuesday.
WTI crude futures were up 2.5 percent at $67.36 after falling to the lowest since May 2023 as OPEC revised down its 2024 oil demand growth forecast for a second time.
A weaker dollar offered some support ahead of U.S. consumer inflation data due later in the day which could shed light on the size of a widely expected rate cut by the Federal Reserve at next week's policy meeting.
Meanwhile, the American Petroleum Institute (API) reported that U.S. crude stocks fell by 2.793 million barrels for the week ending September 6, while analysts had expected a 700,000-barrel build.
Gasoline stocks declined by 513,000 barrels and distillates inventories rose by 191,000 barrels, the report revealed.
The weekly oil report from the Energy Information Administration is due later in the day.
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