Oil prices continued its rising trend as it further inched up yesterday with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors.
Brent crude was up 69 cents, or 0.9 per cent at $74.68 a barrel having risen 1.6 per cent on Tuesday.
U.S. crude gained 66 cents, or 0.9 per cent to $72.78 a barrel, after rising 1.7 per cent in the previous session
U.S. oil inventories dropped by 8.5 million barrels in the week ended June 11, according to two market sources, citing American Petroleum Institute, API, figures on Tuesday.
Analysts say oil is likely to trade in a range between $70 and $80 a barrel for the rest of this year on the expectation that the Organization of Petroleum Exporting Countries, and its allies (OPEC+) will retain output restraints.