Oil prices rise supported by dipping U.S. stocks

Oil prices rose on Wednesday, supported by, U.S. crude stocks, which fell last week.

Global benchmark Brent crude for October delivery rose by  0.47 percent or 34 cents to 72.75 USD/Barrel.

U.S. WTI crude futures for September delivery rose by 0.11 percent, or 8 cents, to 70.64 USD/Barrel.

The American Petroleum Institute (API) said in preliminary data that US oil stocks fell by 879,000 barrels during the week ending July 30.

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