Oil rises for third day, Brent exceeds $85

Oil drilling rigs

Oil prices rose today, Feb. 8 amid continued optimism about the global economic outlook.

According to data from the Energy Information Administration, US oil inventories increased by 2.4 million barrels in the week ended Feb. 3 – surpassing expectations of a 2 million barrel increase.

Gasoline stocks in the US rose 5 million barrels, and distillate stocks increased by 2.9 million barrels.

Oil prices found support from weaker dollar, which slipped after statements from Federal Reserve Chairman Jerome Powell on the decline in inflation levels.

Brent crude futures for April delivery rose 1.7%, or $1.40, to close at $85.09 a barrel.

WTI crude for March delivery rose 1.7%, or $1.33, at $78.47 a barrel.