Oil rises 2.5% after US inventories decline

Oil drilling rigs

Oil prices rose to a seven-week high today, Sept. 24, after official data showed US crude inventories dropped more than expected.

Brent crude futures for November delivery rose 2.5%, or $1.68, to $69.31 a barrel at the end of trading.

WTI crude futures for November delivery jumped 2.5%, or $1.58, to $64.99 a barrel.

Data from the US Energy Information Administration revealed that US crude oil inventories fell by 600,000 barrels last week, compared to expectations of a 300,000-barrel decline.

Prices received additional support from Ukraine's attacks on oil facilities in Russia's Volgograd region, and the city of Novorossiysk, home to major oil and grain export ports, declared a state of emergency due to the strikes.