Oil prices rise as US inventory data reflect robust demand

Oil prices surged on Wednesday, trading near their highest levels since April, buoyed by crude and fuel product inventory data showing robust U.S. demand.

Brent crude futures for October were up 44 cents, or 0.5%, to $85.35 a barrel by 0949 GMT. U.S. West Texas Intermediate crude for September climbed 48 cents, or 0.6%, to $81.85 a barrel.

U.S. crude inventories fell by 15.4 million barrels in the week ended July 28, according to market sources citing American Petroleum Institute figures, compared with analysts’ estimates for a drop of 1.37 million barrels.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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