Oil rises more than 1% ahead of US stockpiles data

Oil drilling rig

Oil prices rose more than 1% on Wednesday, ahead of data on US crude stockpiles and the Federal Reserve’s decision on interest rates.

The international benchmark Brent crude was trading up 1.2% at $75.26 per barrel, at 9.05 am Makkah time.

WTI crude rose 1.3% to $71.43 per barrel.

The increase in concerns about US crude production appear to outweigh other factors, such as the results of the Federal Reserve meeting and concerns about the Evergrande crisis, Reuters reported, citing a note from ActivTrades.

About 18% of the US Gulf's oil and 27% of its natural gas production remained offline on Monday, Sept. 20, more than three weeks after Hurricane Ida, according to Bureau of Safety and Environmental Enforcement.

Meanwhile, US crude inventories fell by 6.1 million barrels for the week ended Sept. 17, according to American Petroleum Institute, Reuters reported.

US Energy Information Administration (EIA) report on crude stocks is expected later today.