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Oil price edges higher on tight supply and expected demand uplift

By Rowena Edwards

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Reuters LONDON

2 min read Last Updated : Aug 02 2023 | 10:15 AM IST

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By Rowena Edwards

LONDON (Reuters) -Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the summer driving season in the United States, the world's biggest crude consumer.

Brent crude futures for July rose for a fifth session running, gaining $1.69, or 1.5%, to $115.25 a barrel by 0940 GMT.

U.S. West Texas Intermediate (WTI) crude for July delivery rose $1.86, or 1.7%, to $111.63.

Oil prices are gaining support from tight gasoline supply, with inventories of the refined oil product down by 4.2 million barrels last week, market sources said on Tuesday, citing American Petroleum Institute figures.

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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