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SINGAPORE (Reuters) – Oil prices rose on Wednesday after an inventory of crude inventories and looming sanctions against Iran fueled expectations of a tighter market.
South Korea's largest refining plant, SK Energy, is located in Ulsan, about 410 km southeast of Seoul, on February 25, 2009. REUTERS / Jo Yong-Hak / File Photo
Hurricane Florence, which is expected to hit the east coast of the United States on Friday, has also pushed up prices, causing fuel shortages following the evacuation of millions of households and businesses.
The United States West Texas Intermediate (WTI) CLc1 futures were at $ 69.81 per barrel at 0047 GMT, up 56 cents or 0.8% from their latest settlement.
Brent LCoC1 futures prices rose 24 cents, or 0.3%, to $ 79.30 per barrel.
Increases increased by more than 2% in both benchmarks in the previous session.
"Oil prices have jumped from day to day as the American Petroleum Institute's inventory data indicates a significant inventory pullback," said William O'Loughlin, investment analyst at Rivkin Securities. in Australia.
US crude inventories fell 8.6 million barrels in the week to Sept. 7 to 395.9 million barrels, said Tuesday the American Petroleum Institute (API), a private industrial group.
The official weekly government data will be released Wednesday by the United States Energy (EIA).
Outside the United States, traders have been looking into the impact of the impending US sanctions against Iran, which will target oil exports starting in November.
Washington has lobbied other governments to reduce their imports as well, and many countries and businesses are already aligning and reducing their purchases, triggering expectations of market tightening.
Chart: Iran's oil exports to Asia (tmsnrt.rs/2CEzade)
Report by Henning Gloystein; Edited by Joseph Radford
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