Oil prices rise after U.S. crude inventories fall | ZAWYA MENA Edition

Oil prices rise after U.S. crude inventories fall | ZAWYA MENA Edition:

Oil prices rose for a second day on Wednesday after data showed U.S. crude inventories fell more than expected, easing worries about oversupply that have dragged on markets in recent weeks.

Brent crude was up 40 cents, or 0.55 percent, at $73.84 a barrel by 1310 GMT, after gaining 0.5 percent on Tuesday. U.S. light crude was 20 cents higher at $68.72, having risen nearly 1 percent in the previous session.

U.S. crude and fuel stockpiles fell more than expected last week, industry group the American Petroleum Institute (API) reported late on Tuesday.