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Oil Prices Rising Again

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TOKYO – According to Reuters, Oil prices rose for a second session, on Wednesday, as data showed a drop in US crude inventories more than expected last week, easing fears of oversupply that has weighed on markets in recent sessions.

Brent crude <LCOc1> was up 57 cents, or 0.8 percent, at $ 74.01 a barrel. Crude was up 38 cents at the settlement on Tuesday.

US WTI rose 27 cents, or 0.4 percent, to $ 68.79 a barrel after rising nearly 1 percent in the previous session.

US Petroleum Institute data showed, on Tuesday, that crude and fuel stocks in the United States fell more-than-expected last week.

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