- US crude inventories fell by 2.1 million barrels last week
- 鈥楾he market is reacting to the unexpected decline as inventories tend to rise at this time of year鈥�
TOKYO: Oil prices extended gains into a fourth session on Wednesday, buoyed as industry data showed a surprise decline in US crude inventories.
US West Texas Intermediate crude was up 25 cents, or 0.4 percent, at $72.17 a barrel by 0648 GMT on Wednesday, having settled up 14 cents.
Brent crude was up 26 cents, or 0.3 percent, at $81.67 a barrel, after settling up 63 cents the session before. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on Oct. 3.
US crude inventories fell by 2.1 million barrels last week, compared with analyst expectations for a build of 2.2 million barrels, American Petroleum Institute data showed after Tuesday鈥檚 settlement.
鈥淭he market is reacting to the unexpected decline as inventories tend to rise at this time of year,鈥� said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo, adding that anxieties about the outlook for the global economy were capping gains.
US gasoline stocks dropped by a larger-than-expected 3.4 million barrels, while distillate fuel stockpiles declined by a smaller-than-expected 246,000 barrels, the API data showed.
Inventory data from the US Energy Department鈥檚 Energy Information Administration is due at 1430 GMT on Wednesday.
A claim by the US that it aims to reduce Iran鈥檚 oil exports to zero is a 鈥減olitical bluff鈥�, the head of the state-run National Iranian Oil Company was quoted as saying on Wednesday.
US sanctions on Iranian oil exports are due to kick in on Nov. 4, while Iran has accused 抖阴短视频 and Russia of breaking an OPEC-led agreement on output cuts by producing more crude.