Oil prices rise after data shows a reduction in inventories

Prices for West Texas Intermediate have accelerated growth after data showed that US crude stocks fell last week more than forecast.

US Energy Information Administration said in its weekly report that crude oil inventories fell by 4.1 million barrels for the week ended June 24. Market analysts expect stocks to fall by 2.4 million barrels, while on Tuesday, the American Petroleum Institute reported a decline in inventories of 3.9 million barrels.

Inventories at Cushing, Oklahoma, a key oil storage point for the Nymex, fell by 951,000 barrels last week. In total, US crude stocks last week amounted to 526.6 million barrels.

The report also showed that gasoline inventories increased by 1.4 million barrels compared to expectations for 58,000 barrels, while distillate stocks fell by 1.8 million barrels.

A day earlier, crude oil rose $ 1.52, or 3.28%, as Brexit concerns weaken, boosting appetite for riskier assets.

London Brent crude gained amid concerns about supply disruptions from Norway, where about 7,500 workers at seven oil and gas fields may go on strike from Saturday if not agreed upon the issue of wages until Friday.

These fields account for nearly 18% of the total oil production in Norway, which has a negative impact on production in the North Sea's largest oil producer.

The cost of the August futures for US WTI rose at 49.17 dollars per barrel.

The price of August futures for Brent crude rose to 49.90 dollars a barrel on the London Stock Exchange ICE Futures Europe.