Small-than-expected US crude stocks built up sending oil prices higher

On Wednesday, oil prices increased over 1% due to a smaller-than-expected built-up in US crude stockpiles, a significant reduction in distillate and petrol inventories, and statements made by the US Federal Reserve chief indicating that interest rate reductions this year are still on the table.

The market was focused on the decline in distillates and petrol suggesting a very tight market. 

Brent futures increased by 92 cents or 1.1% to settle at $82.96/barrel.

WTI climbed 98 cents or 1.3% to settle at $79.13/barrel.