Oil rose, after falling more than 2% on Tuesday, as an industry report pointed to a sizable drop in US crude stockpiles and tensions simmered in the Middle East.
Brent crude climbed to around $81 a barrel, while West Texas Intermediate was below $79. The American Petroleum Institute reported inventories shrank by 5.2 million barrels last week, according to people familiar with the data. That would be the seventh straight weekly drop if confirmed by official figures due Wednesday. Levels remain below seasonal averages.
Elsewhere, risks remain that a retaliatory strike by Iran on Israel may lead to a spike in oil prices. The US said an attack has grown more likely and could come as soon as this week.
Brent for October settlement climbed 0.5% to $81.13 a barrel at 8:39 a.m. in Singapore. WTI for September delivery rose 0.7% to $78.86 a barrel.
Source: Bloomberg
