Brent crude rises to $46 on US inventory data

Oil prices edged up on Wednesday boosted by expectations of a decline in oil inventories in the United States during the past week. The announcement of positive economic data indicating a recovery in global industrial activity also provided support.

The manufacturing PMI in China recorded the fastest rise since 2011 during the last month, while the index in the United States rose to the highest level since January 2019 over the same period.

In terms of trading, the benchmark Brent crude futures contract for November delivery rose by 1% to $ 46.03 a barrel, at 9 am, Mecca time.

US West Texas Intermediate crude also rose 1% to $ 43.2 a barrel.

The American Petroleum Institute data showed that oil inventories in the United States fell by 6.4 million barrels in the week ending August 28.

The US Energy Information Administration is scheduled to disclose final inventory data later today.