Oil prices rise; Brent nears $73

Oil rigs

Oil prices rose Wednesday, with Brent crude hitting the highest level since May 2019, amid positive outlook on fuel demand.

Brent crude was trading up 0.7% at $72.71 per barrel, at 11.50 am Makkah time. The international benchmark rose to $72.83 per barrel earlier today.

WTI crude was last up 0.7% to $70.52 per barrel.

“The demand story remains constructive for the market, with global COVID-19 cases declining for several weeks now,” Bloomberg reported, citing Warren Patterson, the head of commodities strategy at ING Group.

Meanwhile, according to American Petroleum Institute, US crude stocks fell by 2.1 million barrels in the week ended June 4.

The US Energy Information Administration is expected to release official data on stockpiles later today.