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Oil climbs above USD 73 with report pointing to falling stockpiles

Recovery in gasoline demand in Asia remains patchy, with improvements offset by deteriorations elsewhere. All eyes are on OPEC+ discussions on production policy next week, notes senior commodities analyst,

A photo of oil rig Weatherford | Photo: Weatherford PR

Oil rose above USD 73 a barrel after an industry report pointed to another decline in US crude stockpiles, adding to a bullish outlook.

Futures in New York climbed 0.6 percent after edging lower on Tuesday. The American Petroleum Institute reported crude inventories slid by 7.2 million barrels last week, according to people familiar with the data. If confirmed by government figures due later Wednesday, that would be a fifth straight weekly draw, the longest run of declines since January.

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