Oil price settles near US$75, at multi-year highs

Brent crude gained 40 cents, or 0.5%, to hit US$74.39 a barrel, reaching its highest since April 2019, and running its gains to five straight days. U.S. crude rose 3 cents to $72.15, after reaching $72.99, highest since October 2018. (File pic shows oil storage tanks Philips, new Jersy)

NEW YORK: Oil prices rose for a fifth day on Wednesday, closing in on US$75 a barrel as U.S. refiners drew more crude inventories to ramp up activity and meet recovering demand.

Crude inventories fell by 7.4 million barrels in the week to June 11, the U.S. Energy Information Administration said, as refining utilization rose to 92.6%, highest since January 2020, before the pandemic hit.