BAGHDAD, Oil prices rose on Wednesday, after the decline in US crude inventories last week, more than double the quantity expected by analysts.

Brent crude futures rose 40 cents, or 0.6 percent, to $ 62.78 a barrel, while US West Texas Intermediate crude futures rose 37 cents, or 0.6 percent, to $ 57.77 a barrel.

Prices closed lower on Tuesday, pressured by speculation that Iranian sanctions would return to the market after US President Donald Trump moved to sack John Bolton, a national security adviser and a leading hawk on the Iranian issue.

But prices rose after data from the American Petroleum Institute yesterday showed that crude oil and gasoline inventories in the United States fell last week, while stocks of distillates rose.

Crude stocks fell 7.2 million barrels for the week ending September 6 to 421.9 million barrels, data from the institute showed.

Prices rose sharply before Bolton was sacked after receiving support after Saudi Arabia's new Energy Minister, Prince Abdulaziz bin Salman, said the kingdom's oil policy would not change and an agreement with other producers to cut output by 1.2 million barrels per day would continue.

Iranian oil exports have fallen by more than 80 percent due to the US re-imposition of sanctions on Tehran after Trump decided last year to withdraw from the 2015 nuclear deal between Iran and world powers.

Source: National Iraqi News Agency

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