Oil rises on economic outlook, falling U.S. fuel inventories | Reuters

Oil rises on economic outlook, falling U.S. fuel inventories | Reuters

Oil edged up on Wednesday, supported by an upbeat forecast for global economic recovery and OPEC+ oil output curbs as well as a sharp reduction in U.S. fuel inventories.

Brent crude gained 42 cents, or 0.6%, at $67.94 a barrel by 10:47 a.m. EST (1547 GMT) and U.S. West Texas Intermediate crude rose 40 cents, or 0.6%, to $64.41 a barrel.

U.S. gasoline stocks slumped by 11.9 million barrels last week and distillates, which include diesel and heating oil, fell 5.5 million barrels, the Energy Information Administration said, compared with analysts’ expectations in a Reuters poll for a 3.5 million-barrel drop each.

“That’s probably going to tip the scale to this report to the upside, even though the crude build was substantial,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.