WASHINGTON (dpa-AFX) - Oil prices rebounded on Wednesday following four consecutive retreats.
Benchmark Brent crude futures jumped 1.6 percent to $68.71 a barrel in European trade, while WTI crude futures were up 1.6 percent at $66.23.
U.S inventory data from the American Petroleum Institute (API) overnight indicated increased energy demand in the world's largest economy, helping oil prices rebound from recent string of losses.
The API data showed commercial crude oil inventories fell by 4.2 million barrels in the week ended Aug. 1, compared to expectations for a decline by 1.8 million barrels.
There was a decline in gasoline inventories of 900,000 barrels during the period, but distillate inventories-which include diesel and heating oil-rose by 1.6 million barrels.
Data from the U.S. Energy Information Administration (EIA) may provide more information as the session progresses.
Investors also eye sanctions on Russian oil buyers, with U.S. President Donald Trump threatening to hike tariffs on Indian imports very substantially over the next 24 hours.
Trump labelled India as 'not a good trading partner' due to the country's involvement in purchasing discounted Russian oil despite global sanctions.
'We'll be doing quite a bit of that. We'll see what happens over the next fairly short period of time... We have a meeting with Russia tomorrow,' Trump said, while addressing media during an event focused on the 2028 Los Angeles Olympics.
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