Oil prices gain after steep drop in U.S. crude inventories | Reuters

Oil prices gain after steep drop in U.S. crude inventories | Reuters

Oil prices rose for a third day on Wednesday after industry data indicated U.S. crude inventories fell much more than expected last week, reinforcing bullish views on fuel demand in the world's largest economy.

U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.7%, to $66.12 a barrel at 0704 GMT. Prices climbed as to high as $66.58, the most since March 8.

Brent crude futures were up 49 cents, or 0.7%, at $69.37 a barrel after touching a more than seven-week high of $69.78 earlier in the session.

Both benchmark contracts rose nearly 2% on Tuesday.