Oil Rises After Industry Report Shows Another US Stockpile Draw

(Bloomberg) -- Oil rose for the first time in four session after an industry report pointed to a fifth week of drawdowns in US crude stockpiles.

West Texas Intermediate climbed above $75 a barrel after tumbling by 4.5% over the last three days, with Brent crude closing below $79. The American Petroleum Institute said crude inventories fell by 4.5 million barrels last week, according to people familiar with the data. If confirmed by official figures due later on Wednesday, it would mark the longest steak of declines since January 2022.

Oil is set for its biggest monthly drop since last October, weighed down by a poor demand outlook in China, the biggest importer. Futures are still modestly higher this year on the back of OPEC+ supply curbs and expectations the Federal Reserve will start lowering interest rates soon.

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