Oil prices rose in Asian trading on Wednesday, despite a surprise jump in U.S. inventories. The rally was driven by geopolitical risks from the conflict in the Middle East and expectations of eventual inventory drawdowns during the peak demand season in the third quarter.
Brent crude futures rose 40 cents, or 0.5 percent, to $85.41 a barrel. U.S. West Texas Intermediate crude futures rose 43 cents, or 0.5 percent, to $81.26 a barrel.
The market seems to be ignoring demand concerns for now, with inventories expected to rise at the height of the demand season in the third quarter.
Source (Al-Arabiya.net Website, Edited)
