Futures of Brent crude oil rose on Wednesday amid anticipation of demand outweighing supplies along with the fall in stockpiles in the US.
The September contract of Brent crude on the Intercontinental Exchange (ICE) is currently trading at $74.83 per barrel, higher by 0.47 per cent from its previous close.
The September contract of WTI crude on the NYMEX was trading at $72.13 per barrel, higher by 0.67 per cent from its previous close.
Crude oil prices traded higher outweighing the concerns of rising virus cases.
As concerns over falling inventory in the US persist, traders are awaiting data from the US Energy Information Administration (EIA) which is scheduled to be released on Wednesday.
The rising crude oil prices have led to record-high levels of retail fuel prices in India. Petrol and diesel prices, which have been unchanged for the past 11 days, may be increased in days ahead if the global crude prices continue to rise, analysts say.
In Delhi, petrol is priced at Rs 101.84 per cent and diesel is sold for Rs 89.97 per litre.
