Oil rallied on Wednesday after an industry report of a larger-than-expected drop in U.S. crude inventories suggested robust demand and helped offset worries over further interest rate hikes.
Crude stocks fell by about 2.4 million barrels, market sources said, citing data from industry group American Petroleum Institute (API) ahead of official data from the Energy Information Administration at 1430 GMT.
Brent crude was up 48 cents, or 0.7%, to $72.74 a barrel at 0928 GMT, while West Texas Intermediate (WTI) U.S. crude gained 31 cents, or 0.5%, to $68.01.
Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.