Ammon News - Oil prices rose for a second day on Wednesday as an industry report showed U.S. crude inventories declined last week, adding to a sense in the market of tightening supplies.

Brent futures rose 19 cents, or 0.3%, to $67.82 a barrel by 0400 GMT. U.S. West Texas Intermediate crude futures gained 21 cents, or 0.3%, to $63.62.

Both benchmarks climbed by more than $1 a barrel on Tuesday as a deal to resume exports from Iraq's Kurdistan stalled, halting pipeline shipments of oil from the region to Turkey despite hopes of a deal to end the deadlock, as two key producers asked for debt repayment guarantees.

The agreement between Iraq's federal and Kurdish regional governments and oil companies would resume exports of about 230,000 barrels per day of oil. Pipeline flows have been stopped since March 2023.

The data showed crude stocks declined by 3.82 million barrels in the week ended September 19, the sources said, while gasoline inventories fell by 1.05 million barrels and distillate inventories rose by 518,000 barrels.

Reuters