Oil prices rise on U.S. stocks draw, rising fuel demand | Reuters

Oil prices rise on U.S. stocks draw, rising fuel demand | Reuters

Oil prices climbed more than $1 on Wednesday after U.S. crude stocks fell to their lowest levels in three years as refining activity recovered from recent storms.

Despite recent wobbles from U.S. economic figures, overall demand for fuel has rebounded to pre-pandemic levels. Product supplied over the last four weeks has come in at nearly 21 million barrels per day, not far from 2019's peak.

U.S. crude inventories last week fell by 3.5 million barrels to 414 million barrels, lowest since October 2018, the U.S. Energy Information Administration said on Wednesday.

"Crude oil prices remain supported as demand recovers around the world and inventories continue to draw," said Andrew Lipow, president of Lipow Oil Associates in Houston.

U.S. West Texas Intermediate (WTI) crude futures rose $1.40, or 2%, to $71.88 a barrel by 11:50 a.m. EDT (1550 GMT),

Brent crude futures climbed $1.46, or 2%, to $75.82 a barrel.