Oil prices continued on the march for a fifth consecutive day on Wednesday, as a drop in U.S. inventories sparked prices, and amid investor expectations that the U.S. Federal Reserve will lower borrowing costs for the first time since the financial crisis more than a decade ago.
Brent crude futures, the international benchmark for oil prices, were up 60 cents at $65.31 U.S. a barrel. U.S. West Texas Intermediate crude gained 68 cents to $58.73 U.S. a barrel.
Data released Wednesday by the U.S. Energy Information Administration showed that crude inventories fell by 8.5 million barrels from the previous week.
Mideast tensions remain high, providing another bullish catalyst for prices, with the United States formally asking Germany to join France and Britain to help secure the Strait of Hormuz after the seizure of a British tanker by Iran.
Market participants are also closely watching the U.S.-China meeting in Shanghai as both countries seek to end a year-long trade war, though expectations for progress are low.
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