Oil prices rose significantly in early trading today, Wednesday, after data showed a decline in oil and fuel inventories in the US.
Futures for Brent crude rose 86 cents, or 1.1 percent, to $77.70 a barrel.
West Texas Intermediate rose 88 cents, or 1.2 percent, to $73.79 a barrel, according to Reuters data.
In the week ended May 19, crude oil inventories fell by about 6.8 million barrels, according to the institute.
Gasoline inventories fell by 6.4 million barrels, while distillate inventories fell by 1.8 million barrels.
