Oil edges higher on tight supply, rising US refining activity

Brent crude LCOc1 futures for July settled up 47 cents to $114.03 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 for July delivery ended up 56 cents to $110.33 a barrel.(File pic shows a chevron oil refinery in the U.S.)

New York: Oil prices rose on Wednesday, buoyed by tight supplies and as U.S. refiners drove processing activity to their highest level since before the coronavirus pandemic started.

Brent crude LCOc1 futures for July settled up 47 cents to $114.03 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 for July delivery ended up 56 cents to $110.33 a barrel.