Oil prices edge higher as US oil inventories fall

Brent crude rose 29 cents to settle at US$79.23 a barrel. U.S. West Texas Intermediate (WTI) crude rose 58 cents to settle at $76.56 a barrel. (File pic shows US oil reserves at Cushing, Oklahoma. - Reuters)

NEW YORK: Oil prices rose on Wednesday, after government data showed U.S. crude and fuel inventories fell last week, offsetting concerns that rising coronavirus cases might reduce demand.

Brent crude rose 29 cents to settle at US$79.23 a barrel. U.S. West Texas Intermediate (WTI) crude rose 58 cents to settle at $76.56 a barrel.