Crude oil prices climbed on Wednesday following an explosion at Lebanon’s main port feeding concerns about a regional turmoil and a large fall in US crude oil stocks.
International benchmark Brent crude was trading at $44.45 per barrel at 0624 GMT for a 0.24% increase after closing Tuesday at $44.34 a barrel.
DECLINE IN US CRUDE OIL
American benchmark West Texas Intermediate (WTI) was at $41.73 a barrel at the same time for a 2.51% decline after ending the previous session at $40.68 per barrel.
Late on Tuesday, a fire at a warehouse containing explosives at the Port of Beirut led to the blast, which levelled a three-story building and was heard across the city and its suburbs.
In the meantime, a significant decline in U.S. crude oil inventories provides support for the prices.
The American Petroleum Institute (API) reported last week its estimate of a 6.8 million barrel decrease in US crude oil inventories for the week ending July 24.
As a sign for a potential rise in US oil demand, it calmed some investor concerns amid the growing surplus of oil supply on the global market.