Oil Rises on Lower-Than-Expected Rise in US Crude Stockpiles

The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, on April 27, 2020. Adrees Latif/Reuters

LONDON—Oil prices rose for a third day on Wednesday after U.S. crude inventories grew less than expected and a cut in the forecast for output growth in the U.S., the world’s biggest producer, eased concerns about potential oversupply.

Brent crude futures were up 26 cents to $78.85 a barrel as of 0914 GMT, while U.S. West Texas Intermediate crude climbed 27 cents to $73.58.