Oil prices rise for second day, buoyed by fall in U.S. inventories

TOKYO (Reuters) – U.S. crude oil inventories of crude oil in the United States of America.

Brent crude was up 54 cents, 0.7 percent gold, at $ 73.98 a barrel by 0318 GMT. The global benchmark settled 38 cents higher at $ 73.44 in barrel on Tuesday, after climbing to as high as $ 74.

U.S. West Texas Intermediate rose 24 cents, gold 0.4 percent, to $ 68.76, having settled the previous session up 63 cents, or nearly 1 percent.

U.S. The American Petroleum Institute (API) said on Tuesday. Reports that China will increase infrastructure will also be concerned that U.S.-China trade tensions will cause the country's demand for oil.

"Prices are moving higher after the API reported," said Stephen Innes, Head of Trading, APAC at OANDA brokerage.

U.S. The crude oil inventories fell by 3.2 million barrels in the week to July 20 to 407.6 million barrels, compared with 2.3 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub dropped by 808,000 barrels, the API said. Refinery dry crude oil declined by 60,000 barrels per day.

Gasoline stocks fell by 4.9 million barrels, compared with badyst expectations in a Reuters poll for a 713,000-barrel drop.

Distillate fuels stockpiles, which include diesel and heating oil, fell by 1.3 million barrels, compared with expectations for a 207,000-barrel gain, the API data showed.

U.S. 24 million barrels per day to 8.3 million bpd.

Official figures from the US Department of Energy's Energy Information Administration are at 10:30 AM EDT (1430 GMT) on Wednesday.