Oil prices climbed on Wednesday after an industry report showed US crude and gasoline inventories fell, as the market watched for a possible escalation of conflict in the Middle East, which may impact global oil supplies.

Brent crude futures rose 56 cents, or 0.7 percent, to USD 81.25 a barrel, while US West Texas Intermediate (WTI) crude increased by 59 cents, or 0.8 percent, to USD 78.94 per barrel.

Earlier in the session, Brent crude futures rose 30 cents to USD 80.99 a barrel, while US WTI crude increased by 38 cents to USD 78.73 per barrel.

On Tuesday, the International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged at 970,000 barrels per day (bpd), but trimmed its 2025 estimate to 950,000 bpd from 980,000 bpd, citing the impact of a weakened Chinese economy on consumption, which has further limited price increases.

Source: Qatar News Agency