Oil prices edged up on Wednesday after a drop in U.S. crude inventories reinforced OPEC's robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage.
U.S. West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.17%, to $65.39 a barrel at 0534 GMT, adding to a 36 cent rise on Tuesday, as reported by Reuters.
Brent crude futures climbed 5 cents, or 0.07% to $68.60 a barrel, adding to a 23 cent gain on Tuesday.
Read alsoLand market launch to raise its value fivefold – forecastIn the meantime, the market remained on edge, as gasoline stations from Florida to Virginia began running out of fuel on Tuesday as drivers rushed to top up their tanks and pump prices rocketed.
Oil prices were also supported by the latest outlook from the Organization of the Petroleum Exporting Countries (OPEC), which stuck to a forecast for a strong recovery in world oil demand in 2021 with growth in China and the United States outweighing the impact of the coronavirus crisis in India.