Oil Rises on US Inventory Drop, Russian Gas Cuts

Oil Rises on US Inventory Drop, Russian Gas Cuts
A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, on Nov. 22, 2019. Angus Mordant/Reuters
|Updated:

LONDON—Oil rose by $1 a barrel on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a looming U.S. interest rate hike.

Industry group the American Petroleum Institute said on Tuesday crude stocks fell by 4 million barrels, four times the forecast decline. The Energy Information Administration’s official figures are out at 1430 GMT.