Oil rises on supply fears and inventory drawdowns
Oil prices gained over one dollar on Wednesday due to escalating Middle East tensions and falling US crude inventories. Brent crude futures rose 1.5 percent to 110.40 dollars per barrel while WTI climbed to 99.27 dollars.
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Brent Crude Oil rose $1.61 to $110.40 per barrel during Wednesday morning trade, driven by escalating supply risks in the Middle East. The gain follows a previous session decline after diplomatic mediation efforts temporarily eased market concerns. Falling domestic inventories in the United States continue to provide price support for global energy markets.
