Oil prices climb after drawdown in U.S. stocks | Reuters

Oil prices climb after drawdown in U.S. stocks | Reuters

Oil prices climbed $1 on Wednesday after industry data showed a larger-than-expected drawdown in U.S. crude inventories and on expectations demand will rise as vaccination roll-outs widen.

Brent oil rose $1.08, or 1.5%, to $74.68 a barrel by 1226 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1.12, or 1.6%, to $71.58 a barrel.

U.S. crude oil, gasoline and distillate stocks fell last week, two market sources said, citing American Petroleum Institute figures, after Hurricane Ida shut numerous refineries and offshore drilling production.

Crude stocks fell by 5.4 million barrels for the week ending Sept. 10, compared to a forecast 3.5 million barrel drop.