Oil prices up on US stocks draw, rising fuel demand

U.S. West Texas Intermediate (WTI) crude futures rose US$1.74, or 2.5%, to $72.23, while Brent crude futures settled up $1.83, or 2.5%, to $76.19 a barrel.(File pic shows oil storage tanks in Cushing, Oklahoma.- Reuters)

NEW YORK: Oil prices settled higher on Wednesday after U.S. crude stocks fell to their lowest levels in three years as refining activity recovered from recent storms.

Despite recent wobbles from U.S. economic figures, overall demand for fuel has rebounded to pre-pandemic levels. Product supplied over the last four weeks has come in at nearly 21 million barrels per day, not far from 2019's peak.