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Oil prices climbed on Wednesday, lifted by a report of declining U.S. fuel inventories.Meanwhile, Shanghai Crude Oil WTI Futures for September delivery were unchanged at 505.6 yuan per barrel on Tuesday. The American Petroleum Institute (API) said in a report on Tuesday that U.S. crude inventories fell by 4.5 million barrels in the week to June 29 to 416.9 million barrels.Gasoline and distillate stocks, which include diesel and heating oil, were also down, the API said.Trading activity is expected to be light however, as the U.S. markets are closed on Wednesday for the Independence Day holiday.Looming U.S. sanctions against major oil exporter Iran also remained in focus, as recent reports suggested that the U.S. government wants to shut Iran’s oil exports out of the market from November.In response, Iran’s President Hassan Rouhani said on Tuesday it was “unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil.”Higher output from Saudis Arabia, Russia and the United Arab Emirates, along with surging U.S. exports, will likely compensate for disruptions in Libya, Venezuela and Iran, said Roberto Friedlander, head of energy trading at Seaport Global Securities
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