Oil prices rose on Wednesday after several days of decline, supported by falling U.S. crude inventories. However, expectations of a near ceasefire in the Middle East have prevented the rise from continuing.
Brent crude futures for September delivery rose 37 cents, or 0.5 percent, to $81.38 a barrel. U.S. West Texas Intermediate crude rose in September contracts 38 cents, or 0.5 percent, to $77.34 a barrel.
The American Petroleum Institute reported a decline in inventories of crude oil, gasoline and distillate in the United States last week. Prices had fallen to a six-week low on Tuesday, and Brent crude closed at its lowest level since June 9.
Source (Al Arabiya.net Website, Edited)
