Oil prices climbed on Wednesday, paring some of the previous session, as concerns about US crude supply disruption outweighed worries about global demand.

Brent crude futures climbed 34 cents, or 0.5%, to $69.53 a barrel, while US crude futures were at $66.10 a barrel, up 35 cents, or 0.5%.

Both crude prices fell by about $3 on Tuesday, with Brent hitting its lowest level since December 2021, and WTI hitting its lowest since May 2023, after OPEC+ revised down its demand forecast for this year and 2025.

Market sources quoted data from the American Petroleum Institute (API) Tuesday, that oil inventories in the United States fell by 2.793 million barrels in the week ending September 6, while gasoline inventories fell by 513 thousand barrels.

Source: Qatar News Agency