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Oil prices jump on U.S. crude stocks fall

Crude prices soared on Wednesday after data from the American Petroleum Institute revealed a larger-than-expected decline in United States oil stockpiles.

Oil has been on the rise in recent days as geopolitical risks surrounding the conflict between the US and Iran have been boosting prices. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies will meet next week in Vienna to decide on another production cut extension.

Brent futures for August settlements climbed 1.62% at 2:10 am GMT to go for $65.33 per barrel, while West Texas Intermediate futures for August jumped 2.07% to $59.09 a barrel at 2:08 am GMT.