Oil continues to rise

Oil rose as U.S. crude inventories fell for a third straight week. Brent crude traded above $85 a barrel after rising 1.6 percent on Wednesday, while U.S. crude was near $83. Domestic inventories fell by 4.87 million barrels last week, the lowest since February. Inventories typically decline at this time of year, but remain below the five-year seasonal average. Oil has remained higher since the beginning of the year, helped by supply cuts from OPEC+ that offset rising production from countries outside the cartel. Expectations of easing U.S. monetary policy also supported crude by boosting appetite for risk assets and weakening the U.S. dollar. “Futures are breaking out of a losing streak as a significant correction in the U.S. dollar supports oil prices. Furthermore, stronger-than-expected declines in U.S. inventories, a sign of strong demand, outpaced concerns about China’s economic growth,” said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova Pte.