(Bloomberg) — Oil extended gains after industry data pointed to shrinking US crude stockpiles ahead of a report from the IEA on the market outlook.
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West Texas Intermediate rose above $78 a barrel after climbing more than 3% over the previous two sessions. Brent closed higher near $82 a barrel. The American Petroleum Institute reported that US crude inventories dropped by 2.4 million barrels last week, according to people familiar with the data.
Oil has rebounded this week after prices slumped following OPEC+’s announcement of a plan to return some supply to the market this year. The Organization of the Petroleum Exporting Countries maintained its forecast for strengthening demand in the second half of 2024, in a monthly report released on Tuesday.
The International Energy Agency will provide its snapshot on the supply and demand outlook later Wednesday, which will be followed by an interest-rate decision from the Federal Reserve.
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