Oil prices moved upward for a second day on Wednesday, after data showed U.S. crude inventories fell more than expected, calming worries about oversupply that have dragged on markets in recent weeks.
Brent crude was up 70 cents, or 1%, at $74.14 U.S. a barrel mid-morning Wednesday, after gaining 0.5% on Tuesday. U.S. light crude rose 78 cents, or 1.1%, to $69.30, having risen nearly 1% in the previous session.
Data reported by the U.S. Energy Information Administration showed commercial crude stockpiles fell by 6.1 million barrels in the week through July 20 as refineries increased activity and imports of foreign crude oil fell.
That figures towered over the 3.2-million-barrel drop reported by the American Petroleum Institute on Tuesday and expectations in an economist poll for a decrease of 2.3 million barrels.
EIA also revealed crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.1 million barrels.
Gasoline stocks fell by 2.3 million barrels, compared with analysts' expectations in an economist poll for a 713,000-barrel drop. EIA data also showed that distillate stockpiles, which include diesel and heating oil, fell by 101,000 barrels, versus expectations for a 207,000-barrel increase.
