Oil Prices Edge Up on Declining U.S. Fuel Inventories

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A man works on the rig of an oil drilling pump site in McKenzie County outside of Williston, North Dakota March 12, 2013. REUTERS/Shannon Stapleton

Oil prices climbed on Wednesday, lifted by a report of declining U.S. fuel inventories.

Crude Oil WTI Futures for August delivery were trading at $74.60 a barrel at 1:01AM ET (05:01 GMT), up 0.62%. Brent oil futures for September delivery, traded in London, were also up 0.49% at $78.14 per barrel.

Meanwhile, Shanghai Crude Oil WTI Futures for September delivery were unchanged at 505.6 yuan per barrel on Tuesday.

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