Brent crude was up 48 cents to $72.74 a barrel at 0928 GMT, while U.S. West Texas Intermediate crude gained 31 cents to $68.01
Oil rallied on Wednesday after an industry report of a larger-than-expected drop in U.S. crude inventories suggested robust demand and helped offset worries over further interest rate hikes.
Brent crude was up 48 cents, or 0.7 per cent, to $72.74 a barrel at 0928 GMT, while West Texas Intermediate U.S. crude gained 31 cents, or 0.5 per cent, to $68.01.While outright prices gained, the discount of the prompt Brent contract to the next month has deepened, a structure called contango which indicates ample supply.
“For now, the market remains stuck with demand concerns weighing,” said Ole Hansen, head of commodity strategy at Saxo Bank. “OPEC production cuts have helped prevent a deeper setback.” European Central Bank President Christine Lagarde said on Tuesday stubbornly high inflation will require the bank to avoid declaring an end to rate hikes.
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