Oil prices increased today after an industry report revealed that US crude stocks declined last week, creating demand for crude.

Brent crude rose by 27 cents to $107.20 a barrel, while US oil went up by 67 cents to settle at $100.17, reported Reuters.

Crude prices rose after the American Petroleum Institute data revealed that US commercial crude inventories fell by 1.8 million barrels last week, with stockpiles at the Cushing, Oklahoma, delivery hub dropping by 1.5 million barrels.

"A drop in the US dollar against the Euro and other major currencies also generated support for crude."

Oil traders are now eagerly awaiting the US Department of Energy’s Energy Information Administration weekly inventory data, which is scheduled to be released later today.

Crude prices also gained with the heightening of geopolitical tensions in Ukraine fuelling fears of supply disruptions from Russia, the world’s biggest oil producer.

A drop in the US dollar against the Euro and other major currencies also generated support for crude.

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In addition, with the Libyan southern El Sharara oilfield remaining closed and the Zultun and Raquba oilfields shut down amid fresh protests, oil prices have gained considerably.

Image: Stocks at the Cushing, Oklahoma, delivery hub dropped by 1.5 million barrels. Photo: courtesy of

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