Oil prices rose in early trading on Wednesday, amid concern in the markets about the scarcity of supply in the United States, the largest oil consumer in the world, after data showed a larger-than-expected decline in its stocks of crude oil and gasoline.
According to data issued by the American Petroleum Institute, crude inventories fell by about 2.4 million barrels in the week ending June 23. Analysts had expected a decline of 1.76 million barrels.
Gasoline stocks fell by about 2.9 million barrels, compared to estimates for a decline of 126,000 barrels.
On Wednesday, the US Energy Information Administration is scheduled to release official data on inventories.
