Oil prices rose on Wednesday, gaining some ground after seven straight days of drops as the U.S. government reported a decrease in the nation’s crude inventories, the Associated Press reports.
U.S. crude inventories fell 2.6 million barrels to 327.7 million barrels last week, according to the Energy Information Administration. They’re still 5.6 percent above year-ago levels, though, and above the upper end of the average range for this time of year.
Light sweet crude for October delivery on the New York Mercantile Exchange gained 25 cents to $64.01 a barrel in midday trading. The contract had settled at $63.76, down $1.85, on Tuesday – the lowest front-month closing price since March 22.
