Crude oil prices increased on Wednesday, a day after falling sharply, amid continuous decline in US inventories as well as outlook for a colder weather in the United States over the next few weeks.
As of 1300 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.52 (+1.63 percent) to reach $94.80 a barrel. Brent crude futures hit the highest level since October 2014 at $96.16 on Monday last.
On the other hand, the US West Texas Intermediate (WTI) price reached $93.40 a barrel, up by $1.33 (+1.44 percent). WTI crude rose to $94.94, its highest level in over seven years, on Monday last.—TLTP
