Oil rises on US fuel demand, extends rally – Reuters

Oil rises on US fuel demand, extends rally – Reuters

NEW YORK, Aug 25 (Reuters) - Oil prices edged higher on Wednesday, extending gains for a third session, after U.S. government data showed that fuel demand has climbed to its highest since the start of the COVID-19 pandemic.

Brent crude rose 42 cents to $71.47 a barrel by 11:06 a.m. EDT (1506 GMT). U.S. West Texas Intermediate (WTI) crude rose 6 cents to $67.60 a barrel.

The four-week average for U.S. total product supplied, a proxy for fuel demand, soared to nearly 21 million barrels per day, its highest since March 2020, when governments first began to widely impose pandemic-related restrictions, U.S. Energy Information Administration data showed Wednesday.