Oil prices rose over 1% on Wednesday to hit their highest in nearly a month as w...
A pumpjack is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. REUTERS/Christian Hartmann
Front-month Brent crude futures, the international benchmark for oil prices, were up 1.4% at $65.97 by 0006 GMT. They earlier touched their highest since May 31 at $66.00 a barrel. Analysts said the moves were mainly driven by American Petroleum Institute data showing a fall in U.S. crude inventories.
“Crude prices popped after the weekly API inventory report,” said Edward Moya, senior market analyst, OANDA.
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